C  H  A  R  T  E  R 


OK    THE 


•;. 


CAPE     FE  AR 


AND 


FORMERLY 

Western  Railroad  £8%i  sjrfc 

And  acts  Amendatory  Thereto  to  March  26,  1880. 

—ALSO— 

CHARTER  AND  AMENDATORY  ACTrf  RELATING  TO  THE  MOUNT  AIRY 

RAIL    ROAD    COMPANY,    (NOW   CONSOLIDATED    WITH    THE 

CAPE  FEAR  AND  YADKIN  VALLEY   RAILWAY  CO.) 

TOGETHER    WITH  THE 

BY-LAWS  AND  AN  APPENDIX, 

CONTAINING  LAWS  RELATING  TO    RAILROADS,  APPLICABLE  TO 
THE  CAPE  FEAR  AND  YADKIN  VALLEY  RAILWAY  CO. 


RALEIGH: 

Edwards,  Broughton  &  Co.,  Printers  and  Binders. 
18S0. 


CHARTER 


^ 


\<— 


OF    THE 


CAPE     FEAR 


AND 


FORMERLY 


Western  Railroad  Company, 


And  Acts  Amendatory  Thereto  to  March  26,  1880. 

— ALSO— 

CHARTER    AND  AMENDATORY    ACTS  RELATING   TO    THE 
MOUNT  AIRY  RAIL  ROAD  COMPANY,  (NOW  CON- 
SOLIDATED WITH  THE  CAPE  FEAR  AND 
YADKIN  VALLEY  RAILWAY  CO.) 

TOGETHER    WITH  THE 

BY-LAWS  AND  AN  APPENDIX, 

CONTAINING  LAWS  RELATING  TO    RAILROADS,  APPLICABLE  TO 
THE  CAPE  FEAR  AND  YADKIN  VALLEY  RAILWAY  CO. 


RALEIGH : 
Edwards,  Broughton  &  Co.,  Pktnters  and  Binders. 

1881. 


Digitized  by  the  Internet  Archive 

in  2011  with  funding  from 

University  of  North  Carolina  at  Chapel  Hil 


http://www.archive.org/details/charterofcapefeaOOcape 


CHARTER 


OF    THE 


Western  Railroad  Company. 


An  A  ct  to  incorporate  a  company  to  construct  a  Rail- 
road from  some  point  on  the  Cape  Fear  river 
at  or  near  Fayetteville,  to  some  point 
in  the  Goal  Regions,  hereafter 
to    be    determined. 

Sectj  on  1.  Be  it  enacted  by  the.  General  Assembly  of  the  State 
of  North  Carolina,  and  it  is  hereby  enacted  by  the  authority  of  the 
same,  That  for  the  purpose  of  establishing  a  communica- 
tion by  Railroad,  between  the  town  of  Fayetteville  and  the 
coal  region  in  the  counties  of  Moore  and  Chatham,  at  some 
point  to  be  hereafter  determined,  the  formation  of  a  corpo- 
rate Company,  with  a  capital  of  five  hundred  thousand  dol- 
lars, is  hereby  authorized,  to  be  called  "  The  Western  Rail- 
road Company,"  and  when  formed,  in  compliance  with  the 
conditions  hereinafter  prescribed,  to  have  a  corporate  exist- 
ence as  a  body  politic  in  perpetuity. 

Sec.  2.  Beit  further  enacted,  The  said  Company  be,  and 
the  same  is  hereby  authorized  to  construct  a  Railroad  from 
the  town  of  Fayetteville  to  some  point  in  the  coal  region,  in 
the  county  of  Moore,  or  in  the  county  of  Chatham,  to  be 
determined  by  said  Company  after  the  same  shall  have  been 
formed. 

Sec  3.  Be  it  further  enacted,  That  for  the  purpose  of  rais- 
ing the  capital  stock  of  said  Company,  it  shall  be  lawful  to 
open  books  in  the  town  of  Fayetteville,  under  the  direction 
of  the  following  Commissioners,  to-wit:  Duncan  G.  McRae, 
Jesse  G.  Shepherd,  James  Kyle,  William  H.  Haigh,  John 
Eccles,  Geo.  McNeill,  Thos.  S.  Lutterloh,  John  H.  Cook,  Ed- 
ward J.  Hale,  Benj.  W.  Robinson,  Robt.  K.  Bryan,  Robert 
Strange  and  David  A.  Ray ;  in  the  town  of  Wilmington, 
under  the  direction  of  P.  K.  Dickinson,  Thos.  II.  Wright, 
Jno.  A.  Taylor,  Gilbert  Potter,  Jno.  McRae,  Sen.,  0.  G.  Pars- 


«k 


ley,  A.  J.  DeRossett,  Jun.,  Robert  W.  Brown  and  D.  K.  Mc- 
Rae,  and  at  such  other  places,  and  under  the  direction  of 
such  persons  as  a  majority  of  the  Commissioners  first  above 
named  may  deem  proper,  for  the  purpose  of  receiving  sub- 
scriptions to  an  amount  not  exceeding  five  hundred  thou- 
sand dollars,  in  shares  of  one  hundred  dollars  each. 

Sec.  4.  Be  it  further  enacted.  That  the  Commissioners 
above  named,  and  all  other  persons  who  may  hereafter  be 
authorized  as  aforesaid  to  open  books  for  subscriptions,  shall 
open.the  same  at  any  time  after  the  ratification  of  this  a.t, 
first  giving  twenty  days'  notice  thereof  of  the  time  and  place 
in  one  or  more  of  the  newspapers  printed  in  Fayetteville 
and  Wilmington,  and  the  said  books,  when  open,  shall  be 
kept  open  for  the  space  of  sixty  days  at  least,  and  as  long 
thereafter  as  the  Commissioners  first  above  named  shall  di- 
rect; and  the  said  first  named  Commissioners  shall  have 
power  to  call  on  and  require  all  persons  empowered  to  re- 
ceive subscriptions  of  stock,  at  any  time  and  from  time  to 
time,  as  a  majority  of  them  may  think  proper,  to  make  re- 
turn of  the  subscriptions  of  stock  by  them  respectively  re- 
ceived. 

Sec.  5.  Be  it  further  enacted,  That  whenever  the  .sum  of 
one  hundred  thousand  dollars  shall  be  subscribed  in  man- 
ner and  form  aforesaid,  the  subscribers,  their  executors,  ad- 
ministrators or  assigns,  shall  be  and  they  are  hereby  de- 
clared incorporated  into  a  Company  by  the  name  and  style 
of  the  "  Western  Railroad  Company,"  and  by  that  name 
shall  be  capable  in  law  and  equity  of  purchasing,  holding, 
selling,  leasing  and  conveying  estates,  real,  personal  and 
mixed,  and  of  acquiring  the  same  by  gift  or  devise,  so  far  as 
shall  be  necessary  for  the  purposes  embraced  within  the 
scope,  object  and  interest  [intent]  of  their  charter  and  no 
further,  and  shall  have  perpetual  succession  ;  and  by  their 
corporate  name  may  sue  and  be  sued,  plead  and  be  im- 
pleaded in  any  court  of  law  and  equity  in  this  State,  and 
may  have  and  use  a  common  seal,  which  they  may  alter 
and  renew  at  pleasure,  and  shall  have  and  enjoy  all  other 
rights  and  immunities  which  other  corporate  bodies  may 
and  of  right  do  exercise,  and  make  all  such  by-laws,  rules 
and  regulations  as  are  necessary  for  the  government  of  the 
corporation,  or  effecting  the  object  for  which  it  was  created, 
not  inconsistent  with  the  Constitution  and  laws  of  the  State. 

Sec.  6.  Be  it  further  enacted,  That  it  shall  be  the  duty  of 
the  Commissioners  named  in  this  act  for  receiving  subscrip- 
tions in  Fayetteville,  or  a  majority  of  them,  as  soon  as  the 


sum  of  one  hundred  thousand  dollars  shall  have  been  sub- 
scribed in  manner  aforesaid,  to  give  public  notice  thereof, 
and  at  the  same  time  call  a  general  meeting  of  the  stock- 
holders, giving  at  least  thirty  days'  notice  of  the  time  and 
place  of  meeting,  at  which  meeting  a  majority  of  the  stock- 
holders being  represented  in  person  or  by  proxy,  shall  pro- 
ceed to  elect  a  President  and  Treasurer,  and  nine  Directors 
out  of  the  number  of  stockholders;  and  the  said  Directors 
shall  have  power  to  perform  all  the  duties  necessary  for  the 
government  of  the  corporation  and  the  transaction  of  its 
business  ;  and  the  persons  elected  as  aforesaid  shall  serve  such 
period,  not  exceeding  one  }7ear,  as  the  stockholders  may  di- 
rect;  and  at  that  meeting  the  stockholders  shall  fix  on  the 
day  and  place  or  places  where  the  subsequent  election  of 
President,  Treasurer  and  Directors  shall  be  held,  and  such 
elections  shall  thenceforth  be  annually  made ;  but  if  the 
day  of  the  annual  election  of  officers  should,  under  any  cir- 
cumstances, pass  without  an  election,  the  corporation  shall 
not  thereby  be  dissolved,  but  the  officers  formerly  elected 
shall  continue  in  office  until  a  new  election  takes  place. 

Sec.  7.  Be  it  further  enacted,  That  the  selection  of  officers 
aforesaid  shall  be  by  ballot,  each  stockholder  having  as 
many  votes  as  he  has  shares  in  the  stock  of  the  Compan\r, 
and  the  person  having  the  greatest  number  of  votes  polled 
shall  be  considered  duly  elected  to  the  office  for  which  he  is 
nominated,  and  at  all  elections,  and  upon  all  votes  taken  at 
any  meeting  of  the  stockholders  upon  any  by-law  or  any  of 
the  affairs  of  the  Company,  each  share  of  stock  shall  be  en.- 
titled  to  one  vote,  to  be  represented  either  in  person  or  by 
proxy,  and  proxies  may  be  verified  in  such  manner  as  the 
by-laws  of  the  Company  prescribe. 

Sec.  8.  Be  it  further  enacted,  That  the  Board  of  Directors 
may  fill  any  vacancies  which  may  occur  in  it  during  the 
period  for  which  they  have  been  elected-,  and  in  the  absence 
of  the  President  may  appoint  a  President  pro  tempore  to  fill 
his  place. 

Sec.  9.  Be  it  farther  enacted,  That  the  Board  of  Directors 
may  call  for  the  sums  subscribed  as  stock  in  said  Company 
in  such  installments  as  the  interest  of  said  Company  may, 
in  their  opinion,  require ;  the  call  for  each  payment  shall  be 
published  in  one  or  more  newspapers  of  the  State  for  one 
month  before  the  day  of  payment,  and  on  failure  of  any 
stockholder  to  pay  each  installments  as  thus  required,  the 
Directors  may  sell  at  public  auction,  on  a  previous  notice  of 
ten  days,  for  cash,  all  the  stock  subscribed  for  in  said  Com- 


pany  by  such  stockholder,  and  convey  the  same  to  the  pur- 
chaser at  said  sale,  and  if  the  said  sale  of  stock  do  not  pro- 
duce a  sum  sufficient  to  pay  off  the  incidental  expenses  of 
the  sale,  and  the  entire  amount  owing  by  such  stockholder 
to  the  Company  for  such  subscription  uf  stock,  then  and  in 
that  case,  the  whole  of  such  balance  shall  be  held  as  due  at 
once  to  the  Company,  and  may  be  recovered  of  such  stock- 
holder or  his  executor,  administrator  or  assigns  at  the  suit 
of  said  Company,  either  by  summary  motion  in  any  court 
of  superior  jurisdiction  in  the  County  where  the  delinquent 
resides,  on  previous  notice  of  ten  days  to  said  subscriber,  or 
by  the  action  of  assumpsit  in  any  court  of  competent  juris- 
diction, or  by  warrant  before  a  Justice  of  the  Peace,  where 
the  sum  does  not  exceed  one  hundred  dollars,  and  in  all 
cases  of  assignment  of  stock,  before  the  whole  amount  is 
paid  to  the  Company,  then  for  all  sums  due  on  such  stock, 
both  the  original  subscriber  and  the  first  and  all  subsequent 
assignees  shall  be  liable  to  the  Company,  and  the  same  may 
be  recovered  as  above  described. 

Sec.  10.  Be  it  further  enacted,  That  the  debt  of  the  stock- 
holders due  to  the  Company  for  stock  therein,  either  as 
original  proprietor  or  as  a  first  or  subsequent  assignee,  shall 
be  considered  as  of  equal  dignity  with  judgments  in  the  dis- 
tribution of  assets  of  a  deceased  stockholder  by  his  legal  rep- 
resentatives. 

Sec.  11.  Be  it  further  enacted,  That  the  said  Company 
shall  issue  certificates  of  stock  to  its  members,  and  said  stock 
•  may  be  transferred  in  such  manner  and  form  as  may  be  di- 
rected by  the  by-laws  of  the  Company. 

Sec.  12.  Be  it  further  enacted,  That  the  said  Company 
may,  at  any  time,  increase  its  capital  stock  to  a  sum  suffi- 
cient to  complete  said  Road,  not  exceeding  the  additional 
sum  of  five  hundred  thousand  dollars,  by  opening  books  for 
the  subscription  of  new  stock  or  borrowing  money  on  the 
credit  of  the  Company  and  on  the  mortgage  of  its  charter 
and  works,  and  the  manner  in  which  the  same  shall  be  done 
in  either  case  shall  be  prescribed  by  the  stockholders. 

Sec.  13.  Be  it  further  enacted,  That  the  said  Company 
shall  have  power  of  using  any  section  of  the  said  Road  con- 
structed by  them  before  the  whole  of  said  Road  shall  be  com- 
pleted, and  may  charge  for  transportation  thereon. 

Sec.  14.  Be  it  further  enacted,  That  all  contracts  or  agree- 
ments authenticated  by  the  President  and  Secretary  of  the 
Board  shall  be  binding  on  the  Company,  with  or  without  a 


seal.  Such  a  mode  of  authentication  shall  be  used  as  the 
Company  by  their  by-laws  may  adopt. 

Sec.  15.  Be  it  further  enacted,  That  the  said  Company 
may  purchase,  have  and  hold  in  fee  or  for  a  term  of  years 
any  lands,  tenements  or  hereditaments  which  may  be  neces- 
sary for  the  said  Road,  or  for  the  erection  of  depositories, 
store-houses,  houses  for  the  officers,  servants  or  agents  of  the 
Company,  or  for  workshops  or  foundries  to  be  used  by  the 
Company,  or  for  procuring  stone  or  other  material  necessary 
to  the  construction  of  the  Road,  or  effecting  transportation, 
and  for  no  other  purpose  whatever. 

Sec.  16.  Be  it  further  enacted,  That  the  Company  shall 
have  the  right,  when  necessary,  to  construct  the -said  Rail 
Road  across  any  public  road  or  along  the  side  of  any  public 
road  :  Provided,  That  the  said  Company  shall  not  obstruct 
any  public  road  without  first  constructing  one  equally  as 
good  and  as  convenient  as  the  one  taken  by  said  Company. 

Sec.  17.  Be  it  further  enacted,  That  when  any  lands  or 
right  of  way  may  be  required  by  the  said  Company  for  the 
purpose  of  constructing  their  Road,  building  warehouses, 
water  stations,  workshops  or  depositories,  and  for  want  of 
agreement  as  to  the  value  thereof,  or  from  any  cause,  the 
same  can  not  be  purchased  from  the  owmer  or  owners,  the 
same  may  be  taken  at  a  valuation  to  be  made  by  a  jury  of 
good  and  lawful  men,  to  be  summoned  by  the  Sheriff  of  the 
County  in  which  the  land  required  by  the  Company  may 
lie,  and  in  making  the  said  valuation  the  jury  shall  take 
into  consideration  the  loss  or  damage  which  may  occur  to 
the  owner  or  owners  in  consequence  of  the  land  or  the  right 
of  wTay  being  surrendered  and  the  benefit  and  advantage  he, 
she  or  they  may  receive  from  the  erection  of  the  said  road, 
&c. ;  and  shall  state  particularly  the  value  and  amount  of 
each  and  the  excess  or  loss  or  damage  over  and  above  the 
advantage  and  benefit;  shall  form  the  measure  of  valuation 
of  said  land  or  right  of  way  :  Provided,  nevertheless,  That  if 
any  person  or  persons  over  whose  land  the  said  Road  may 
pass,  or  the  Company  should  be  dissatisfied  with  the  valua- 
tion thus  made,  then  and  in  that  case  either  party  may  have 
an  appeal  to  the  next  Court  of  the  County  to  be  held  there- 
after, and  the  Sheriff  shall  return  to  the  said  Court  the  ver- 
dict of  the  jury,  with  all  their  proceedings  thereon,  and  the 
lands  or  right  of  way  so  valued  by  the  jury  shall  vest  in  the 
said  Company  so  long  as  the  same  shall  be  used  for  the  pur- 
poses of  said  Rail  Road,  so  soon  as  the  valuation  may  be 
paid,  or,  if  refused,  paid   over  to  the  Clerk  of  the  County 


Court:  Provided,  That  the  right  of  condemnation  shall  not 
authorize  the  said  Company  to  invade  the  dwelling  house,, 
yard,  garden  or  grave  yard  of  any  individual  without  his 
consent. 

Sec.  18.  Be  it  further  enacted,  That  the  right  of  said  Com- 
pany to  condemn  land  in  the  manner  described  in  the  above 
section  shall  extend  to  the  condemnation  only  of  one  hun- 
dred feet  on  each  side  of  the  main  track  of  the  Road,  meas- 
uring from  the  center  of  the  same,  unless  in  case  of  deep 
cuts  and  fillings,  when  said  Company  shall  have  power  to 
condemn  as  much  in  addition  thereto  as  may  be  necessary 
for  the  purpose  of  constructing  said  Road,  and  the  Compan}' 
in  like  manner  shall  have  power  to  condemn  any  appro- 
priate lands  for  the  constructing  and  building  of  depots, 
shops,  &c,  not  exceeding  five  acres  in  one  lot  or  station. 

Sec.  19.  Be  it  further  enacted,  Tiiat  the  said  Company 
shall  have  the  exclusive  right  of  conveyance  or  transporta- 
tion of  persons,  goods,  merchandize,  produce  and  coal  over 
said  Road,  at  such  charges  as  may  be  fixed  on  by  a  majority 
of  the  Directors. 

Sec.  20.  Be  it  further  enacted,  That  the  profits  of  the  Com- 
pany, or  so  much  thereof  as  the  Board  of  Directors  may 
deem  advisable,  shall,  when  the  affairs  of  the  Company  will 
permit,  be  annually  or  semi-annually  divided  among  the 
stockholders  in  proportion  to  the  stock  each  may  own. 

Sec.  21.  Be  it  further  enacted,  That  notice  of  process  upon 
the  President,  or  any  of  the  Directors  thereof,  shall  be  deem- 
ed and  taken  to  be  due  and  lawful  notice  of  service  of  pro- 
cess upon  the  Company. 

Sec.  22.  Be  it  further  enacted,  That  said  Company  shall 
have  power  to  construct  branches  to  said  Road,  or  to  connect 
with  any  other  Rail  Road  that  may  be  constructed,  and  any 
contract  that  may  be  entered  into  with  any  other  Rail  Road 
Company  by  the  President  and  Directors  of  said  Company, 
after  the  consent  of  a  majority  of  the  stockholders  first  ob- 
tained, shall  be  binding  on  the  said  Company. 

Sec.  23.  Be  it  further  enacted,  That  it  may  and  shall  be 
lawful  for  the  said  "Western  Rail  Road  Company"  to  make 
and  issue  bonds  to  an  amount  not  exceeding  four  hundred 
thousand  dollars,  to  be  signed  by  the  President  of  said  Com- 
pany, under  the  common  seal  of  the  same,  in  sums  of  one 
thousand  dollars  each,  bearing  interest  at  the  rate  of  seven 
per  cent,  per  annum,  to  be  paid  semi-annually  in  the  City 
of  New  York  or  Boston,  at  their  option,  and  redeemable  in 
the  year  1875. 


9 

Sec.  24.  Beit  farther  enctcted,  That  to  secure  the  faithful 
payment  of  the  said  bond-,  it  may  and  shall  be  lawful  for 
the  President  and  Directors  of  the  "Western  Rail  Road 
Company"  to  make,  execute  and  deliver  to  such  person, 
either  in  the  City  of  New  York  or  Boston,  as  the  said  com- 
pany may  select  and  Rppoint,  a  deed  of  trust  or  mortgage 
under  the  common  seal  of  said  Company,  wherein  shall  be 
conveyed  to  the  person  thus  appointed  Trustee,  the  road, 
property,  income  and  franchises  of  said  Company,  acquired 
or  to  be  acquired,  conditioned  for  the  payment  of  the  inter- 
est and  final  redemption  of  said  bonds. 

Sec.  25.  Be  it  further  enacted,  That  all  +he  officers  of  the 
Company  and  servants  and  persons  in  the  actual  employ- 
ment of  the  Company,  be  and  they  are  hereby  exempt  from 
performing  ordinary  militia  duty,  working  on  public  roads 
and  serving  as  jurors. 

Sec.  26.  Be  it  farther  enacted,  That  all  the  work  hereby 
required  shall  be  executed  with  due  diligence,  and  if  [it]  be 
not  commenced  within  four  years  after  the  ratification  of 
this  act,  then  this  charter  shall  be  void. 

Sec.  27.  Be  it  farther  enacted,  That  this  act  shall  be  in 
force  from  and  after  its  ratification,  and  shall  be  regarded 
as  a  public  act,  and  be  continued  in  force  until  the  year 
nineteen  hundred. 

Ratified  the  24th  day  of  December,  A.  D.  1S52. 


An  Act  to  Amend  the  Charter  of  the  Western  Rail 
Road  Company. 

Sec.  1.  Beit  enacted,  &c ,  That  in  lieu  of  the  bonds  au- 
thorized to  be  issued  by  the  Western  Railroad  Company, 
under  23d  and  24th  sections  of  the  act  of  incorporation  of 
the  same,  the  said  Company  is  hereby  authorized  to  issue 
tlfeir  bonds  for  such  an  amount,  and  in  such  manner  and 
form,  payable  at  such  time  and  place,  and  bearing  such  in- 
terest, as  said  Company  may  authorize;  and  to  secure  the 
payment  of  the  same,  the)'  are  hereby  authorized  to  make 
and  deliver  to  such  person  or  persons  as  the)7  may  select,  a 
mortgage  or  mortgages  on  all  the  real  and  personal  estate 
of  the  same,  together  with  all  their  franchises  and  privileges. 

Sec.  2.  Be  it  farther  enacted,  That  the  justices  of  the 
county  court  of  any  county,  or  the  authorities  of  an)7  incor- 
porated town  in  this  State,  shall  have  full  power  and  an- 


10 

thority  to  subscribe  to  the  stock  of  said  Company  to  the 
amount  they  shall  be  authorized  to  do  by  the  inhabitants 
of  said  county  or  town  ;  and  they  may  issue  bonds  or  other 
evidences  of  debt  to  enable  them  to  borrow  money  to  pay 
such  subscription,  at  a  rate  of  interest  not  exceeding  seven 
per  cent,  per  annum,  and  to  levy  and  collect  taxes  to  pay 
the  same:  Provided,  however,  that  before  any  subscription  is 
made,  the  question  shall  be  submitted  to  the  qualified  voters 
of  the  House  of  Commons  of  such  county,  or  to  the  quali- 
fied voters  of  such  town,  and  no  subscription  shall  be  made 
unless  a  majority  of  those  voting  approve  thereof. 

Sec.  3.  Be  it  further  enacted,  That  in  any  suit  brought  by 
or  against  said  Company,  no  stockholder  therein,  not  being 
in  his  individual  capacity  a  party  to  such  suit,  shall  be  in- 
competent as  a  witness  on  account  of  his  being  a  stock- 
holder in  the  same. 

Sec.  4.  Be  it  further  enacted,  That  so  much  of  the  6th 
section  of  the  charter  as  requires  the  stockholders  annually 
to  elect  a  treasurer,  be  repealed,  and  that  hereafter  the 
treasurer  shall  be  appointed  by  and  be  amenable  to  the 
board  of  directors. 

Sec.  5.  Be  it  further  enacted,  That  the  said  Western  Rail- 
road Company  be  authorized  to  acquire,  either  by  purchase 
or  otherwise,  in  the  coalfields  on  Deep  River,  not  exceeding 
one  thousand  acres  of  land,  and  io  use  and  dispose  of  the 
same  for  mining  and  other  purposes. 

Sec.  6.  Be  it  further  enacted,  That  if  the  capital  stock  of 
said  Company,  as  authorized  by  the  charter,  be  insufficient 
to  carry  out  the  purposes  of  the  same,  it  may  be  increased 
by  said  company  to  a  million  and  a  half  dollars. — Passed 
185(>-'57. 


An  Act  to  Aid  in  the  Construction  and  Equipment  of 

the  Western  R.  R.  from  Fayetteville 

to  the  Coalfields. 

Section  1.  Be  it  enacted  by  the  General  Assembly  of  the 
State  of  North  Carolina,  and  it  is  hereby  enacted  by  authority  of 
the  same,  That  the  Public  Treasurer  is  hereby  authorized 
and  directed  to  sell  the  coupon  bonds  of  the  State,  to  an 
amount  not  exceeding  four  hundred  thousand  dollars, 
signed  by  the  Governor,  countersigned  by  the  Public  Treas- 
urer, and  sealed  with  the  great  seal  of  the  State,  bearing  six 


11 

per  cent,  interest,  the  principal  payable  at  the  end  of  thirty 
years  from  the  date  thereof,  and  the  coupons  of  interest 
payable  semi-annually  in  such  a  form  as  the  Public  Treas- 
urer may  direct,  to  be  made  payable  at  such  time  and  place 
as  may  be  agreed  upon  by  the  Public  Treasurer;  and  that' 
the  Public  Treasurer  shall  pay  over  the  said  sum  of  four 
hundred  thousand  dollars  to  the  President  and  Directors  of 
the  Western  Rail  Road  Company,  at  such  times  and  upon 
such  conditions  as  are  herein  provided:  Provided,  Said  bonds 
shall  not  be  sold  by  the  Public  Treasurer  for  a  less  sum 
than  their  par  value. 

Sec.  2.  Be  it  further  enacted,  That  before  the  Public 
Treasurer  shall  sell  for  said  Company  any  of  the  bonds 
hereby  authorized  to  be  sold,  the  said  Western  Railroad 
Company  shall  deliver  to  the  Public  Treasurer  the  coupon 
bonds  of  said  Company  for  the  same  amount  and  bearing  the 
same  interest  and  date,  the  principal  and  coupons  payable 
at  the  same  time  and  place  as  those  of  the  State  hereinbe- 
fore directed  to  be  issued  and  paid  over  to  the  Western  Rail- 
road Company,  and  to  secure  the  principal  and  interest  of 
said  bonds  issued  by  the  Western  Railroad  Company  the 
State  of  North  Carolina  shall  by  this  act  have  a  lien  upon 
all  the  estate  of  said  Company,  both  real  and  personal, 
which  they  may  now  have  or  may  hereafter  acquire  be- 
tween the  Cape  Fear  River,  at  Fayetteville,  and  the  termi- 
nus of  said  Road  in  the  Coalfields,  including  that  at  both 
points,  together  with  all  the  rights,  franchises  and  powers 
thereunto  belonging  or  in  any  wise  appertaining,  or  that 
may  hereafter  belong  or  appertain  to  said  Company,  which 
lien  shall  be  more  effectually  secured  by  a  mortgage  duly 
executed  by  said  Company  to  the  State  and  registered  in 
the  register's  office  of  the  counties  of  Cumberland,  Harnett, 
Moore  and  Chatham,  and  for  the  better  security  of  the  pay- 
ment of  the  interest  upon  said  bonds  until  the  completion 
of  said  road,  the  Company  shall  deposit  with  the  Public 
Treasurer  good  and  sufficient  bonds  made  by  individual 
stockholders,  or  persons  interested  in  said  road  amounting 
to  fifty  thousand  dollars,  to  secure  the  payment  of  the  in- 
terest aforesaid,  which  said  bonds  shall  be  payable  to  the 
Public  Treasurer,  and  shall  be  deemed  due  and  payable  at 
any  time  prior  to  the  completion  of  said  road,  if  the  said 
Company  shall  fail  to  pay  the  interest  on  the  bonds  given 
in  exchange  for  the  bonds  of  the  State;  which  bonds  shall, 
upon  the  payment  of  the  interest  to  the  completion  of  said 


12 

road,  be  surrendered  by  tbe  Public  Treasurer  to  the  said 
Company. 

Sec.  '3.  Be  it  further  enacted,  That  the  bonds  of  the  State 
hereby  authorized  to  be  sold  for  the  Western  Railroad  Cora- 
■pany  shall  be  sold  as  follows:  when  it  shall  be  certified  by 
the  President  of  said  Western  Railroad  Company  that  twelve 
miles  of  said  road  have  been  completed  and  put  in  opera- 
tion,said  Company  shall  be  entitled  to  receive  one  hundred 
thousand  dollars  ;  when  it  shall  be  likewise  certified  that 
the  iron  for  thu  whole  road  has  been  delivered  at  the  port 
of  Wilmington,  said  Company  shall  receive  an  additional 
one  hundred  thousand  dollars ;  whenever  the  President 
shall  certify  that  twenty-four  miles  of  said  road  have  been 
completed,  said  Company  shall  be  entitled  to  receive  an  ad- 
ditional one  hundred  thousand  dollars;  and  whenever  the 
President  shall  certify  that  the  whole  road  to  the  Coalfields 
lias  been  completed  and  put  in  operation,  and  that  an  ad- 
ditional sum  has  been  raised  by  said  Company  making  the 
amount  of  four  hundred  thousand  dollars,  and  that  the 
aforesaid  sum  of  four  hundred  thousand  dollars  (exclusive 
of  State  bonds)  has  been  expended  upon  said  road,  then  an 
additional  and  final  sum  of  one  hundred  thousand  dollars 
shall  be  delivered  to  said  Company. 

Sec.  4.  Be  it  further  enacted,  That  the  income  of  said 
Company,  after  paying  the  current  and  necessary  expenses, 
shall  first  be  applied  to  the  payment  of  the  interest  on  the 
bonds  hereby  directed  to  be  delivered  to  the  Public  Treas- 
urer, and  of  the  remainder,  twenty-five  per  cent,  shall  be 
set  aside  and  permanently  invested  for  the  purpose  of  creat- 
ing a  sinking  fund  for  the  final  extinguishment  of  the  debt; 
the  balance  may  be  divided  among  the  Stockholders  as 
said  Company  may  direct,  it  being  the  intention  of  this  act 
to  pledge  the  whole  net  income  of  the  Company,  in  the  first 
instance,  to  liquidation  of  the  interest  on  the  bonds,  and 
then  to  provide  for  their  final  extinguishment. 

Sec.  5.  Be  it  further  enacted,  That  the  State  shall  have 
the  privilege,  at  any  time  within  eight  years  from  the  pas- 
sage of  this  act,  to  subscribe*  stock  in  said  Company  to  the 
amount  of  four  hundred  thousand  dollars,  in  shares  of  one 
hundred  dollars  each,  and  upon  certificates  of  stock  being- 
issued  to  the  State  by  said  Company  for  the  same  to  surren- 
der the  bonds  of  said  Company  which  had  previously  been 
delivered  to  the  State  under  the  provisions  of  this  act. 

Sec.  6.  Be  it  further  enacted,  That  the  Board  of  Internal 
Improvements  shall  have  the  right,  under  this  act,  to  send 


13 

an  agent  of  the  State  annually  to  examine  into  the  condi- 
tion of  said  Railroad  Company,  and  to  report  the  same  to 
the  Governor  and  Council. 

Sec.  7.  Be  it  farther  enacted,  That  in  case  any  Railroad 
Company  shall  be  •  incorporated  hereafter,  running  east- 
ward ly  from  the  town  of  Fayetteville,  or  if  the  Wilmington 
&  Weldon  Railroad  Company,  or  the  Wilmington,  Char- 
lotte and  Rutherford  Railroad  Company  shall  ever  build  a 
branch  under  their  charter,  then  the  said  Western  Rail- 
road Company  shall  join  in  the  erection  of  any  warehouses 
and  passenger  sheds  that  may  be  necessary  to  render  such 
connection  as  perfect  as  possible,  and  regularly  to  use  the 
same  for  the  reception  and  delivery  of  all  passengers, goods 
and  other  articles  whatever;  and  the  said  Railroad  Com- 
pany shall  not  discriminate  by  charges  against  the  Company 
or  Companies  so  connecting  with  its  railway. 

Sec.  8.  Be  it  further  enacted,  That  in  case  of  a  Railroad 
being  built  so  as  to  connect  any  point  or  points  to  the  east- 
ward of  Fayetteville  with  the  Coalfields,  by  means  of  the 
Western  Railroad,  then  and  in  that  case  the  depots,  yards, 
&c,  of  the  Western-Railroad  shall  be  used  in  common  with 
such  connecting  Roads,  on  their  paying  a  due  proportion  of 
the  cost  of  said  depots,  yards,  &c,  and  agreeing  to  contrib- 
ute a  due  proportion  to  the  repairs  and  improvements 
thereon. 

Sec.  9.  Be  it  farther  enacted,  That  in  the  payment  of  any 
interest  which  may  accrue  on  the  bonds  of  the  State,  before 
the  completion  of  the  Road,  the  President  of  said  Road 
shall  be  required  to  make  oath  that  no  part  of  said  amount 
of  interest  has  been  derived  from  the  sale  of  the  bonds  of 
the  State. 

Sec.  10.  Be  it  farther  enacted,  That  the  twenty-second 
section  of  the  charter  of  said  Compan}7  lie  amended  so  as 
to  read  as  follows:  That  said  Company  shall  have  power  to 
construct  branches  to  said  Road,  or  to  connect  with  any 
other  Railroad  that  may  be  constructed  :  Provided,  that  no 
such  branch  shall  cross  any  Railroad  now  in  existence,  or 
in  progress  of  construction,  excepting  the  Wilmington  & 
Weldon  Railroad;  any  contract  that  may  be  entered  into 
with  any  other  Railroad  Company  by  the  President  and 
Directors  of  said  Company,  after  the  consent  of  a  majority 
of  the  Stockholders  first  obtained,  shall  be  binding  on  said 
company;  and  this  act  shall  be  in  force  from  and  after  its 
ratification. 

Ratified  the  7th  day  of  February,  1859. 


14 


An  Act  to  enable  the  Western  Railroad  Company  to 

extend  their  Road  from  the  Coalfields  to  the 

North  Carolina  Railroad. 

Whereas,  The  loan  of  four  hundred  thousand  dollars 
made  to  the  Western  Railroad  Company,  by  an  act  of  the 
last  Legislature,  entiled  "An  act  to  aid  in  the  construction 
and  equipment  of  the  Western  Railroad  from  Fay<-tteville 
to  the  Coalfields,"  was  insufficient  to  enable  said  Company 
to  procure  the  rolling  stock  and  equipment,  build  work- 
shops, and  construct  the  neces.-a.ry  wharves  at  Cape  Fear 
River,  for  the  shipment  of  coal  and  other  produce,  and  for 
the  erection  of  a  permanent  bridge  across  Deep  River; 
therefore,  to  enable  said  Company  to  complete  said  works, 
and  to  carry  into  effect  the  provisions  of  this  act: 

Section  .1.  Be  it  enacted  by  General  Assembly  of  the  Slate  of 
North  Carolina,  and  it  is  hereby  enacted  by  the  authority  of  the 
same,  That  there  shall  be  two  divisions  of  the  Western  Rail- 
road, viz:  the  Eastern  Division  shall  extend  from  the  Cape 
Fear  to  the  west  bank  of  Deep  River,  near  Egypt,  in  the 
county  of  Chatham,  and  the  Western  Division  shall  extend 
from  the  west  bank  of  Deep  River  to  a  point  on  the  North 
.Carolifla  Railroad,  to  be  hereafter  determined  by  the  Presi- 
dent and  Directors  of  the  Western  Railroad  Company,  or 
the  Stockholders  of  the  same  in  general  meeting  assembled. 

Sec.  2.  Be  it  further  enacted,  That  for  the  purpose  of  com- 
pleting the  Eastern  Division,  procuring  the  rolling  stock 
and  equipments,  building  shops,  wharves,  and  constructing 
a  permanent  bridge  over  Deep  River,  the  Public  Treasurer 
is  hereb}'  authorized  and  directed  to  sell  two  hundred  thou- 
sand dollars  of  the  coupon  bonds  of  the  State  of  North 
Carolina,  made  in  the  same  manner  and  form  as  those  here- 
tofore sold  for  said  Company,  and  the  proceeds  thereof  to 
loan  to  said  Railroad  Company,  the  said  Company  making 
and  delivering  to  the  Public  Treasurer  at  the  same  time  its 
coupon  bonds  for  the  same  amount,  and  payable  at  the  same 
time  and  places  as  those  of  the  State,  sold  for  its  benefit ; 
and  to  secure  the  principal  and  interest  of  said  bonds,  issued 
by  the  Western  Railroad  Company,  the  State  of  North  Car- 
olina shall  by  this  act  have  a  lien  upon  the  Eastern  Di- 
vision of  said  Road,  together  with  all  the  rights  and  fran- 
chises thereto  belonging  or  in  anywise  appertaining,  and 
upon  the  estate  of  said  Company,  both   real  and   personal, 


15 

which  they  may  now  have  or  may  hereafter  acquire,  which 
lien  shall  have  preference  over  all  other  claims  whatsoever. 

Sec.  3.  Be  it  further  enacted,  That  for  the  purpose  of  com- 
pleting, the  Western  Division  of  said  Road,  the  Public- 
Treasurer  is  hereby  authorized  and  directed  to  issue  and 
sell  the  coupon  bonds  of  the  State  of  North  Carolina,  signed 
by  the  Governor,  and  countersigned  by  the  Public  Treas- 
urer, and  sealed  with  the  great  seal  of  the  State,  bearing  six 
per  cent,  interest,  the  principal  payable  at  the  end  of  thirty 
years  from  the  date  thereof,  and  the  coupons  of  interest  pay- 
able semi-annually  in  such  form  and  at  such  time  and  place 
as  the  Public  Treasurer  may  direct,  for  the  purpose  of  rais- 
ing the  money  herein  directed  to  be  loaned  to  the  Western 
Railroad  Company. 

Sec.  4.  Be  it  further  enacted,  That  before  the  Public  Treas- 
urer shall'  make  any  loan  to  the  said  Company  of  any  of  the 
moneys  received  from  the  sale  of  the  bonds  hereby  authorized 
to  be  issued  and  disposed  of,  the  Western  Railroad  Company 
shall  deliver  to  the  Public  Treasurer  the  coupon  bonds  of 
said  Company,  bearing  the  same  interest  and  date,  the  prin- 
cipal and  coupons  payable  at  the  same  time  and  place  as 
those  of  the  State  herein  before  directed  to  be  issued  and 
disposed  of;  and  to  senure  the  principal  and  interest  of  said 
bonds  issued  by  the  Western  Railroad  Company,  the  State 
of  North  Carolina  shall  by  this  act  have  a  lien  upon  the 
Western  Division  of  said  Road,  together  with  all  the  rights, 
franchises  and  powers  thereto  belonging,  or  in  any  wise  ap- 
pertaining, or  which  may  hereafter  belong  or  appertain, 
together  with  all  the  real  and  personal  estate  of  said  Com- 
pany which  they  may  now  have  or  hereafter  acquire,  and 
which  lien  shall  have  preference  over  all  other  claims  what- 
soever; and  in  case  of  failure  of  said  Company  to  pay  the 
semi-annual  interest  on  said  bonds  for  twenty-four  months 
after  such  interest  shall  become  due,  or  to  pay  the  principal 
of  said  bonds  for  twelve  months  after  their  maturity,  the 
Board  of  Internal  Improvement  for  and  on  behalf  of  the 
State  may  enter  upon  and  take  possession  of  all  the  prop- 
erty hereinbefore  specified,  and  dispose  of  the  same  so  as  to 
protect  the  State. 

Sec  5.  Be  it  further  enacted,  That  the  Public  Treasurer 
shall  issue  and  dispose  of  the  bonds  hereinbefore  directed, 
from  time  to  time,  as  may  be  necessary  to  make  the  loans 
to  said  Company,  as  required  by  the  provisions  of  this  act ; 
and  said  loans  shall  be  made  in  the  sums  and  on  the  condi- 
ditions  following,  viz :  that  whenever  the  President  of  said 


16 

Company  shall  certify  to  the  Governor  that  a  section  often 
miles  of  said  Road  has  been  graded  continuously  at  either 
end  of  the  Western  Division,  that  the  said  Company  has 
purchased  the  iron  rails,  chairs  and  spikes,  and  will  forth- 
with, in  good  faith,  pioceed  to  lay  down  and  complete  said 
section  of  ten  miles,  said  Company  shall  be  entitled  to  re- 
ceive the  sum  of  one  hundred  thousand  dollars;  and  upon 
a  like  certificate,  as  each  successive  ten  miles  has  been  graded 
and  prepared  to  receive  the  superstructure,  said  Company 
shall  be  entitled  to  receive  the  sum  of  one  hundred  thousand 
dollars,  until  said  Division  shall  be  completed  :  Provided, 
That  if  the  last  section  shall  be  less  than  ten  miles,  a  de- 
duction shall  be  made  in  the  proportion  of  one  hundred 
thousand  dollars  to  ten  miles  of  Road,  it  being  the  purpose 
of  this  act  to  loan  to  said  Company  ten  thousand  dollars 
per  mile  for  each  mile  of  the  Road  constructed  between  the 
Eastern  Division  and  the  final  terminus  of  said  Road  on 
the  North  Carolina  Railroad  :  Provided  furtlier,  That  none 
of  the  bonds  authorized  to  be  issued  for  the  Western  Divi- 
sion of  said  Road  shall  be  sold  by  the  Public  Treasurer, 
until  it  shall  have  been  certified  to  him  by  the  President  of 
said  Company  that  the  iron  rail  purchased  for  the  said 
Western  Division  is  of  the  product  and  manufacture  of  the 
State  of  North  Carolina  :  Provided  further,  That  the  bonds 
so  issued  for  said  Western  Division  shall  not  exceed 
$500,000. 

Sec.  6.  Be  it  further  enacted,  That  whereas,  the  provisions 
of  the  seventh,  eighth  and  tenth  sections  of  the  act  of  the 
last  Legislature,  entitled  "An  act  to  aid  in  the  construction 
and  equipment  of  the  Western  Railroad  from  Fayetteville 
to  the  Coalfields,"  are  unusual,  and  have  not  been  imposed 
upon  any  other  Company  in  this  State,  therefore,  the  said 
seventh,  eighth  and  tenth  sections  of  said  act  be  and  the 
same  are  hereby  repealed. 

Sec.  7.  Be  it  furtlier  enacted,  That  the  bonds  herein  pro- 
vided to  be  sold  by  the  Public  Treasurer  shall  not  be  dis- 
posed of  by  him  for  less  than  their  par  value. 

Ratified  the  16th  day  of  February,  1861. 


Resolution. 

Resolved,  That  his  Excellency  the  Governor  be  requested, 
and  the  Public  Treasurer  directed  to  deliver  to  the  Western 


17 

Railroad  Company,  the  sum  of  two  hundred  thousand  dol- 
lars of  the  coupon  bonds  of  the  State,  authorized  to  be  sold 
for  the  benefit  of  said  Company,  by  Act  of  the  General  As- 
sembly, ratified  February  16,  .1861,  taking  in  exchange 
therefor  bonds  of  said  Company,  for  the  payment  of  which 
the  State  shall  have  a  lien  upon  the  Road  and  other  prop- 
erty of  the  Company. 

Ratified  24th  day  of  August,  1S61. 


An  Ordinance  to  Enable  the  Western  Railroad  Com- 
pany to  Complete  their  Road. 

Section  1.  Be  it  ordained  by  the  Delegates  of  tlic  'people  of 
North  Carolina,  in  Convention  assembled,  and  it  is  hereby  or- 
dained by  the  authority  of  the  same,  That  thai  part  of  section 
fifth  of  an  act  of  the  Legislature  of  North  Carolina,  ratified 
February  sixteenth,  eighteen  hundred  and  sixty-one,  enti- 
tled "An  act  to  enable  the  Western  Railroad  Company  to 
extend  their  Road  from  the  Coalfields  to  the  North  Carolina 
Railroad,"  which  requires  the  President  of  said  Road  to 
certify  to  the  Governor  that  the  Company  has  purchased 
the  iron  rails,  chairs  and  spikes,  and  will,  forthwith,  pro- 
ceed to  lay  down  and  complete  each  section  of  ten  miles, 
before  said  company  is  entitled  to  receive  the  sum  of  one 
hundred  thousand  dollars,  be,  and  the  same  is  hereby  re- 
pealed. 

Sec.  2.  Be  it  further  ordained,  That  the  lien  created  by  the 
said  act  shall  extend  to  cover  both  the  Eastern  and  Western 
Divisions  of  said  Road,  and  all  the  other  property  of  said 
corporation. 

Ratified  the  10th  day  of  May,  1862. 


An  Act  to  Enable  the  Western  Railroad  Company  to 

Complete  its  Road  from  the  Coalfields  in 

Chatham  County,  to  some  point 

on  the  North  Carolina 

Railroad. 

Whereas,  The  Legislature  of  North  Carolina,  at  its  ses- 
sion of  1858  and  '59,  loaned  to  the  Western  Railroad  Com- 
pany the  sum  of  four  hundred  thousand  dollars,  for  which 
2 


18 

sum  the  Public  Treasurer  exchanged  the  bonds  of  the  State 
for  the  bonds  of  said  Company,  taking  as  security  therefor 
a  mortgage  upon  said  Road  and  all  its  rolling  stock,  and 
property  of  every  kind  and  description  whatsoever;  And, 
whereas,  the  Legislature,  again,  at  its  session  I860  and  '01, 
loaned  to  said  Company  a  further  and  additional  sum  of 
two  hundred  thousand  dollars,  making  the  indebtedness  of 
said  Company,  to  the  State,  six  hundred  thousand  dollars  : 
And,  whereas,  the  interest  of  the  present  stockholders,  as  well 
as  the  State,  would  be  promoted  by  the  extension  of  said 
Road,  from  its  present  terminus  on  Deep  River,  to  some 
point  on  the  North  Carolina  Railroad  :  Now,  therefore,  to 
enable  said  Company  to  raise  the  amount  necessary  to  accom- 
plish so  desirable  an  object,  by  a  re-mortgage  of  said  Road 
to  some  one  or  more  capitalists,  and  an  increase  of  its  means 
by  additional  subscription  to  its  capital  stock  : 

Section  1.  Be  it  enacted  by  the  General  Assembly  of  flic  Stab 
of  North  Carolina,  and  it  is  hereby  enacted  by  (lie  authority  of  the 
same,  That  the  Public  Treasurer  be,  and  he  is  hereby  au- 
thorized and  directed  to  subscribe  to  the  capital  stock  of  the 
Western  Railroad  Company  the  sum  of  six  hundred  thou- 
sand dollars,  being  the  amount  the  said  Western  Railroad 
Company  is  indebted  to  the  State  of  North  Carolina,  and 
the  Public  Treasurer  is  hereby  instructed  to  pay  said  Com- 
pany for  the  stock  so  subscribed,  the  bonds  of  said  Company 
now  held  by  the  State,  and  that  upon  receiving  a  certificate 
or  certificates  of  stock  as  aforesaid,  that  the  Public  Treas- 
urer cancel  and  surrender  to  said  Company,  the  bonds  held 
as  aforesaid,  together  with  the  mortgage  on  said  Railroad 
and  its  property,  thereby  releasing  said  Western  Railroad 
from  any  and  all  liability  to  the  State  in  consequence  of 
said  mortgage  and  indebtedness. 

Sec.  2.  Be  it  further  enacted,  That  so  soon  as  said  subscrip- 
tion shall  be  made  by  the  Public  Treasurer,  and  the  certifi- 
cate or  certificates  of  stock  of  said  Company,  duly  execut- 
ed by  the  proper  officers  of  said  Compan}',  shall  have  been 
delivered,  then  the  mortgage  on  said  Road,  rolling  stock, 
equipment  and  property  of  every  kind  and  description 
whatsoever,  now  held  by  the  State,  shall  be  released,  and  so 
becoming  null  and  void  shall  forever  be  void  and  of  no 
effect. 

Sec.  3.  Be  it  further  enacted,  That  to  enable  said  Company 
to  raise  the  money  necessary  to  construct  and  extend  said 
Road  to  some  point  on  the  North  Carolina  Railroad,  to  con- 
nect with  said  Road  at  such  point  as  may  be  selected  by  the 


19 

Western  Railroad  Company,  or  by  the  President  and  Direc- 
tors of  the  same,  that  said  President  and  Directors  are 
hereby  authorized  and  empowered  to  issue  the  mortgage 
bonds  of  Said  Company  in  sums  of  not  less  than  one  hun- 
dred dollars  each,  and  not  exceeding  in  amount  nine  hun- 
dred thousand  dollars,  and  to  be  negotiated  at  not  less  than 
par,  and  not  to  mature  at  an  earlier  period  than  thirty  years, 
in  sums  of  not  less  than  one  hundred  dollars  each,  payable 
at  such  time  and  place,  and  at  such  rate  of  interest,  not  to 
exceed  eight  per  cent.,  as  may  be  authorized  by  said  Company, 
and,  to  secure  the  payment  thereof,  may  make  a  mortgage 
upon  the  Railroad,  and  any  and  all  of  its  property  or  in- 
come ;  in  such  manner  and  form  as  they  may  determine. 

Sec.  4.  Be  it  farther  enacted,  That  in  all  the  meetings  of 
the  stockholders  of  said  Compan}',  the  Governor  shall  ap- 
point any  one  or  more  members  of  the  Board  of  Internal 
Improvements  to  represent  the  interest  of  the  State  in  said 
Company,  or  any  individual  stockholder,  and  in  the  elec- 
tion of  the  Board  of  Directors  the  representative  of  the 
State  shall  elect  and  appoint  four  Directors,  leaving  the 
President  and  five  Directors  to  be  elected  by  the  individual 
stockholders,  thus  giving  the  individual  stockholders  the 
balance  of  power  in  the  control  and  management  of  the 
Road.  Said  President  and  Directors  shall  be  stockholders 
at  the  time  of  their  election  in  all  cases. 

Sec.  5.  Be  it  further  enacted,  That  any  deed  of  mortgage, 
executed  and  delivered  under  the  provisions  of  this  act, 
when  registered  in  the  County  of  Cumberland,  shall  be 
binding  and  valid  to  all  intents  and  purposes,  as  if  the  same 
were  registered  in  every  county  through  which  the  said 
Road  passes,  or  in  which  the  property  owned  by  the  Com- 
pany, and  so  mortgaged,  or  any  part  of  it,  is  situate. 

Sec.  6.  Be  it  further  enacted,  That  this  act  shall  be  in  force 
from  and  after  its  ratification. 

Ratified  the  20th  day  of  December,  A.  D.  1866.. 


An  Act  to  Amend  the  Charter  of  the  Western  Railroad 

Company. 

Section  1.  Be  it  enacted  by  the  General  Assembly  of  the 
State  of  North  Carolina,  and  it  is  hereby  enacted  by  the  authority 
of  the  same,  That  it  shall  be  lawful  for  either  or  all  of  the 
Counties  of   Randolph,  Alamance  and  Chatham    to  sub* 


20 

scribe  to  the  capital  stock  of  the  Western  Railroad  Com- 
rpany  any  sum  or  sums  that  may  he  determined  on  by  the 
Court  of  Pleas  and  Quarter  Sessions  o4'  the  County  for  which 
said  subscription  may  be  made,  a  majority  of  the  Justices 
of  the  Peace  of  such  County  being  present,  and  approved 
by  a  majority  of  the  lawful  qualified  voters  of  said  County, 
;  to  be  ascertained  in  the  manner  hereinafter  provided. 

Sec.  2.  Be  it  farther  enacted.  That  when  the  County  Court 
'  of  either  of  said  Counties  shall,  at  any  time,  determine  to 
subscribe  any  amount  of  stock  to  said  Company,  said  Court 
shall  so  declare  on  the  record,  and  make  an  order  to  submit 
the  question  to  a  vote  of  the  people  of  their  County,  and 
said  election  sh-ill  be  held  at  all  the  election  precincts  of 
said  County,  and  at  such  time  as  said  Court  shall  order,  and 
the  Court  shall  appoint  Judged,  and  make  all  needful  rules 
and  orders  for  holding  said  election,  and  the  Sheriff  of  said 
County  shall  hold  the  election  under  the  same  rules  and 
regulations  that  govern  elections  for  members  of  the  Gen- 
eral Assembly,  and  all  the  qualified  voters  of  said  County 
for  members  of  the  Gen  oral  Assembly  shall  be  entitled  to 
vote,  and  those  voting  for  said  subscription  shall  deposit  a 
ballot  endorsed  ''subscription,"  and  those  opposed  to  it 
shall  vote  "  no  subscription  ;"  and,  on  comparing  the  polls, 
the  Sheriff  shall  ascertain  the  number  of  votes  cast  for  and 
against  said  subscription,  and  shall  certify  the  same  to  said 
County  Court,  and  if  a  majority  of  said  votes  shall  have 
been  polled  in  favor  of  subscription,  the  Chairman  of  said 
Court  shall  make  the  subscription  on  the  books  of  said  Com- 
pany accordingly. 

Sec.  3.  Be  it  further  enacted,  That  said  Court  may  issue 
the  bonds  of  said  Count}"  as  they  may  determine,  bearing- 
interest  at  any  rate,  not  to  exceed  eight  per  cent.,  on  which 
to  raise  money  to  pay-such  subscription,  and  may  levy  the 
necessary  tax  to  meet  the  interest  of  said  bonds,  and  to 
liquidate  the  principal  as  it  falls  due,  as  they  shall  judge 
expedient. 

Sec.  4.  Be  it  further  enacted,  That  this  act  shall  be  in  force 
from  and  after  its  ratification. 

Ratified  the  31st  day  of  January,  A.  D.  1807. 


21 


An  Act  to  enable  the  "Western  Rail  Road"  Company 

to  extend  its  Road  across  the  Worth  Carolina 

Rail  Road  to  the  Virginia  Line, 

near  Mt.   Airy  in  the 

County  of  Surry. 

Sec  1.  Beit  enacted  by  the  General  Assemhly  of  the  State  of 
North  Carolina,  and  it  is  hereby  enacted  by  the  authority  of  the 
same,  That  the  President  and  Directors  of  the  Western  Rail 
Road  Company  shall  have  full  power  and  authority  to  ex- 
tend the  main  track  of  this  "Western  Rail  Road"  across 
the  North  Carolina  Rail  Road,  by  the  most  practicable  route, 
to  pass  by  or  near  S.ilem,  in  the  County  of  Forsyth,  thence 
by  the  most  practicable  route,  by  or  near  Mt.  Airy,  to  the 
Virginia  line. 

Sec.  2.  Be  it  further  enacted,  That  the  capital  stock  of  said 
corporation  may  be  increased  to  the  sum  of  three  millions 
of  dollars,  and  that,  for  securing  the  same, books  of  subscrip- 
tion may  be  opened,  at  such  times  and  places,  and  under 
the  direction  of  such  persons,  as  the  President  and  Directors 
may  appoint,  first  giving  ten  days'  notice  of  the  time  and 
place  ;  and  the  said  corporation  may  employ  suitable  per- 
sons to  canvass  the  different  sections  of  the  State,  to  procure 
such  subscriptions,  and  keep  open  the  books  until  a  suffi- 
cient amount  is  subscribed. 

Sec.  3.  Be  it  further  enacted,  That  the  public  Treasurer  be 
and  is  hereby  authorized  and  required  to  subscribe,  on  be- 
half of  the  State,  to  the  capital  stock  of  the  Western  Rail 
Road,  the  sum  of  one  million  of  dollars.  Said  subscription 
to  be  paid  with  the  second  mortgage  bonds  of  the  Wilming- 
ton, Charlotte  and  Rutherford  Rail  Road  Company,  now 
held  by  the  State,  and  secured  by  a  mortgage  upon  all  estate, 
both  real  and  personal,  belonging  to  said  Company,  subject 
to  the  same  equities  the  State  now  has:  Provided,  That 
said  bonds  shall  be  received  by  said  Company  at  their  par 
value. 

Sec.  4.  Be  it  further  enacted,  That  the  proceeds  of  the 
bonds  hereby  authorized  to  be  subscribed  shall  be  equally 
divided,  and  one-half  of  said  amount  expended  on  that  por- 
tion west  of  the  North  Carolina  Railroad,  and  the  remain- 
ing half  expended  on  that  portion  of  said  Road  east  of  the 
North  Carolina  Railroad. 

Sec.  5.  Be  it  further  enacted,  That  the  individual  sub- 
scriptions made  west  of  the  North  Carolina  Railroad  to  the 


22' 

capital  stock  of  said  corporation  shall  be  expended  on  the 
western  division,  as  above,  and  the  money  subscribed  east 
of  the  North  Carolina  Railroad,  expended  on  the  eastern  di- 
vision, the  North  Carolina  Railroad  being  the  dividing  line 
between  the  Western  and  Eastern  Division:  Provided,  That. 
any  individual  or  individuals  may  at  any  time  direct  on 
which  Division  of  said  Road  bis  subscription  may  be  applied. 

Sec.  6.  Be  it  further  enacted,  That  the  President  and  Di- 
rectors of  the  said  Western  Railroad  Company  are  hereby 
authorized  and  empowered  t<>  receive,  in  payment  of  sub- 
scriptions to  the  capital  stock  of  said  corporation,  land,  in 
any  quantity  that  may  be  offered  by  subscribers,  and  that 
the  said  corporation  may  have,  hold,  possess  and  enjoy  the 
same,  and  that  the  said  land  may  be  sold  or  mortgaged  for 
the  purpose  of  raising  money  in  such  way,  and  on  such 
terms,  as  may  be  deemed  best  for  the  interest  of  the  stock- 
holders. 

Sec.  7.  Be  it  further  enacted,  That  this  act  shall  be  in 
force  and  take  effect  from  and  after  its  ratification. 

Ratified  the  25th  day  of  February,  A.  D.  1867. 


An  Ordinance  to  change  the  manner  of  payment  of 
the  State's  subscription  to  the  capital  stock 
of  the  Western  Railroad.   • 

Sec.  1.  Be  it  ordained  by  the  people  of  North  Carolina  in 
Convention  assembled,  and  it  is  Jicrebjj  ordained  by  the  authority 
of  the  same,  That  the  Western  Railroad  Company  are  hereby 
authorized  to  return  to  the  public  Treasurer  the  sum  of  one 
half  million  of  dollars  of  the  second  mortgage  bonds  of  the 
Wilmington,  Charlotte  and  Rutherford  Railroad  Company, 
which  amount  has  heretofore  been  paid  by  the  Public  Treas- 
urer to  said  Company,  as  the  payment  of  the  subscription 
of  the  State  to  the  capital  stock  of  said  Company,  under  the 
authority  of  the  third  section  of  the  act  of  the  General  As- 
sembly, entitled  "  An  act  to  enable  the  Western  Railroad 
Company  to  extend  its  Road  to  and  across  the  North  Carolina 
Railroad  to  the  Virginia  line  near  Alt.  Aity,  in  the  County 
of  Surry,"  ratified  the  25th  day  of  February,  1S67 :  and  in 
place  thereof  the  Public  Treasurer  is  hereby  authorized  and 
directed  to  make  and  deliver  to  said  Western  Railroad  Com- 
pany one-half  million  dollars  of  the  coupon  bonds  of  the 
State  of  North  Carolina,  signed  by  the  Governor  and  coun- 


23 

tersigned  by  the  Public  Treasurer,  bearing  interest  at  the 
rate  of  six  per  cent,  per  annum,  the  principal  and  interest 
payable  at  such  time  and  in  such  manner  and  place  as  the 
Governor  or  Public  Treasurer  may  prescribe. 

Sec.  2.  Be  it  further  ordained,  That  no  part  of  the  five 
hundred  thousand  dollars  ($500,000)  of  bonds  herein  ap- 
propriated as  a  lean  to  the  Western  Railroad  Company  shall 
be  delivered  to  said  Company,  until  the  President  and  Di- 
rectors thereof  shall  have  executed  and  delivered  to  the 
Governor  of  the  State,  a  first  mortgage  on  the  entire  Road 
and  its  property;  conditioned  to  save  the  State  harmless 
against  the  loss  of  both  principal  and  interest  of  said  loan. 

Sec.  3.  Be  it  further  ordained,  That  so  much  of  the  third 
section  of  the  act  of  the  Generel  Assembly,  entitled  "An  act 
to  enable  the  Western  Railroad  Company  to  complete  its 
Road  from  the  Coalfields  in  Chatham  County  to  some  point 
on  the  North  Carolina  Railroad,"  ratified  the  22d  day  of 
December,  I860,  as  prohibits  said  Company  from  negotiating 
its  bonds  at  not  less  than  par,  be  and  the  same  is  hereby  re- 
pealed ;  and  this  ordinance  shall  be  in  force  from  and  after 
its  passage. 

Ratified  the  14th  day  of  March,  A.  D.  1868. 


An  Ordinance  to  Amend  an  Ordinance  of  this  Con- 
vention, Entitled  "  An  Ordinance  to  Change  the 
Manner  of  Payment  of  the  State's  Sub- 
scription to  the  Capital  Stock  of  the 
Western  Railroad  Company." 

Sec.  ] .  Be  it  ordained  by  the  people  of  North  Carolina  in 
Convention  assembled,  That  section  second  of  an  ordinance 
of  this  Convention,  entitled  "An  ordinance  to  change  the 
manner  of  payment  of  the  State's  subscription  to  the  capi- 
tal stock  of  the  Western  Railroad  Company,"  ratified  the 
14th  day  of  March,  1868,  be  and  is  hereby  repealed  and  de- 
clared of  no  effect. 

Sec.  2.  Be  it  further  ordained,  That  this  ordinance  shall  be 
in  force  from  and  after  its  ratification. 

Ratified  this  17th  day  of  March,  A.  D.  1868. 


24 


An  Act  to  Amend  the  Charter  of  the  Western  Rail- 
road Company. 

Sec.  1.  The  General  Assembly  of  North  Carolina  do  enact, 
The  affairs  of  theWestern  Railroad  Company  shall  in  future 
bo  managed  by  a  Board  of  Directors,  of  whom  the  State,  by 
the  Governor,  shall  appoint  seven,  and  stockholders  other 
than  the  State  shall  appoint  two.  The  Board  of  Directors 
shall,  out  of  their  number,  choose  a  President,  and  they 
shall  have  the  power  and  authority  now  held  and  exercised 
by  the  present  President  and  Directors.  In  all  meetings  of 
stockholders  of  said  Company,  the  State  shall  he  represented 
by  some  person  to  be  appointed  by  the  Governor. 

Sec.  2.  The  said  Western  Hail  Road  Company  shall 
have  power,  from  any  point  on  their  Road,  to  extend  the 
same  to  and  across  the  North  Carolina  Railroad  at  any  point 
at  or  between  Salisbury  and  Greensboro',  and  to  the  Wil- 
mington, Charlotte  &  Rutherford  Rail  Road,  at  such  points 
thereon  as  they  may  select:  Provided,  That  the  sums  of 
money  heretofore  appropriated  by  the  State  shall  only  be 
used  in  completing  said  Road  from  Egypt  to  the  North 
Carolina  Rail  Road. 

Sec.  3.  The  amendments  in  this  act  contained  shall  be 
submitted  to  the.  Stockholders  of  said  Western  Railroad 
Company,  at  a  meeting  to  be  called  within  thirty  days  after 
the  ratification  of  this  act.  Jf  accepted  by  the  Stockholders 
in  person  or  by  proxy  of  a  majority  of  stocks,  the  Stock- 
holders other  than  the  State  shall  forthwith  appoint  two 
Directors,  and  they,  together  with  the  Directors  of  the  State, 
appointed  as  aforesaid,  shall  immediately  enter  upon  their 
duties  and  liold  office  until  the  next  annual  meeting  of 
Stockholders  of  the  Company,  and  until  their  successors  he 
qualified.  On  said  acceptance  the  terms  of  office  of  the 
President  and  Directors  shall  cease. 

Sec.  I.  All  provisions  of  laws  inconsistent  with  the  pro- 
visions of  this  act  are  hereby  repealed. 

Sec.  5.  This  act  shall  be  in  force  from  and  after  its  rati- 
fication. 

Ratified  the  21st  day  of  August,  A.  D.  1868. 


25 


An  Act  to  Amend  an  Act  Entitled  an  Act  to  Amend 
the  Charter  of  the  Western  Railroad  Company, 
Ratified  Twenty-first  of  August,  One  Thou- 
sand Eight  Hundred  and  Sixty-eight. 

Section  1.  The  General  Assembly  of  North,  Carolina  do  en- 
act, That  section  three  of  an  act  entitled  an  act  to  amend 
the  Charter  of  the  Western  Railroad  Company,  ratified  the 
twenty-first  of  August,  one  thousand  eight  hundred  and 
sixty-eight,  be  amended  so  as  to  read  as  follows:  The  amend- 
ments in  this  act  contained  shall  he  submitted  to  the  Stock- 
holders of  said  Western  Railroad  Company,  at  a  meeting  to 
be  called  within  twelve  months  after  the  fifteenth  day  of 
December,  one  thousand  eight  hundred  and  sixty-eight.  If 
accepted  by  the  Stockholders  in  person,  or  by  proxy,  of  a 
majority  of  stock,  the  Stockholders,  other  than  the  Slate, 
shall  forthwith  appoint  two  directors,  and  they,  together 
with  the  Directors  of  the  State  appointed  as  aforesaid,  shall 
immediately  enter  upon  their  duties,  and  hold  office  until 
the  next  regular  annual  nit  cling  of  Stockholders  of  the 
Company,  and  until  their  successors  are  qualified.  On  said 
acceptance,  the  term  of  office  of  the  president  and  Directors 
shall  cease. 

Sec.  2.  The  said  act  entitled  an  act  to 'amend  the  charter 
of  the  Western  Rail  Road  Company  as  amended  in  the  pre- 
ceding section  is  hereby  re-enacted. 

Sec.  3.  Upon  the  acceptance  by  said  Western  Rail  Road 
Company  of  the  amendment  to  their  charter  contained  in 
this  act,  the  Treasurer  of  the  State  shall  subscribe  for  (in 
behalf  of  the  State)  stock  in  the  said  Western  Rail  Road 
Company  to  the  amount  of  five  hundred  thousand  dollars 
in  addition  to  the  stock  already  owned  by  the  State  in  said 
Company,  and  the  said  Treasurer  shall,  for  said  stock,  de- 
liver to  the  President  of  s  id  Company  coupon  bonds  of  the 
State  to  the  amount  of  five  hundred  thousand  dollars,  of 
the  denomination  of  one  thousand  dollars,  said  bonds  signed 
by  the  Governor,  countersigned  by  the  Treasurer,  sealed 
with  the  great  seal  of  the  State,  bearing  six  per  cent,  inter- 
est, payable  semi-annually,  the  principal  at  the  end  of  thirty 
years  from  the  dale  thereof,  principal  and  interest  payable 
m  the  City  of  New  York,  said  bonds  to  be  issued  under  the 
provisions  of  chapter  ninety  of  the  Revised  Code. 

Sec.  4.  On  the  surrender  to  the  State  of  five  hundred 
thousand  dollars  of  the  second  mortgage  bonds  of  the  Wil- 


26 

ming ton,  Charlotte  and  Rutherford  Rail  Road  Company, 
heretofore  paid  to  said  Western  Railroad  Company  in  pay- 
ment for  stock  in  the  same,  the  Public  Treasurer  is  hereby 
directed  to  issue  in  exchange  therefor  five  hundred  thousand 
dollars  of  coupon  bonds  of  the  State  of  the  description  afore- 
said. 

Sec.  5.  To  pay  the  interest  on  the  bonds  of  the  State, 
issued  as  aforesaid,  as'the  same  may  accrue,  there  shall  be 
annually  levied  and  collected  a  special  tax  of  one-fortieth 
of  one  per  cent,  on  the  taxable  property  of  the  State,  which 
shall  be  levied,  collected  and  paid  into  the  Treasury  as 
other  public  taxes. 

Sec.  6.  The  said  Western  Rail  Road  Company  may,  at 
any  time,  by  delivering  to  the  Treasurer  of  the  State,  bonds, 
or  other  indebtedness  of  the  State,  receive  a  transfer  of  an 
equivalent  amount  of  the  stock  of  the  State  in  said  Com- 
pany, and  it  shall  be  the  duty  of  the  Treasurer  to  make 
such  transfer. 

Sec.  7.  That  the  fourth  section  of  act  of  the  General  As- 
sembly, amending  the  charter  of  the  Western  Rail  Road, 
ratified  the  twenty-fifth  day  of  February,  one  thousand  eight 
hundred  and  sixty-seven,  be  and  the  same  is  hereby  re- 
pealed. 

Sec.  S.  That  for  the  purpose  of  extending  said  Western 
Railroad  from  the  point  on  the  North  Carolina  Railroad,  at 
which  said  Western  Railroad  may  connect  at  or  between 
Salisbury  and  Greensboro,  up  the  rich  and  fertile  valley'  of 
the  Yadkin,  between  the  North  and  South  Yadkin,  to  such 
point  in  the  county  of  Wilkes  as  the  President  and  Direc- 
tors may  determine,  the  Public  Treasurer  is  hereby  author- 
ized and  required  to  subscribe  to  the  capital  stock  of  said 
Western  Railroad  the  sum  of  five  hundred  thousand  dol- 
lars, and  to  pay  said  subscription  in  the  coupon  bonds  of 
the  State,  in  the  same  manner  and  form  and  on  the  same 
terms  as  heretofore  provided  for :  Provided,  That  said  sum 
of  five  hundred  thousand  dollars  shall  be  expended  on  that 
portion  of  the  Road  west  of  the  point  at  which  the  Western 
Railroad  may  connect  with  the  North  Carolina  Railroad; 
And  provided' further,  That  the  President  and  Directors  may 
commence  grading  west  of  the  North  Carolina  Road  as  soon 
as  the  location  is  determined. 

Sec.  9.  To  pay  the  interest  on  the  said  bonds  of  the  State, 
issued  as  aforesaid,  as  the  same  may  accrue,  there  shall  be 
annually  levied  and  collected  a  special  tax  of  one-eight  of 
one  per  cent,  on  the  taxable   property  of  the  State,  which 


27 

shall  be  levied  and  collected,  and  paid  into  the  Treasury  as 
other  public  taxes. 

Sec.  10.  Provided,  That  on  or  before  the  day  upon  which 
the  first  coupon  of  the  bonds  authorized  to  be  issued  by  this 
act  shall  become  due,  the  President  of  the  above  named 
Railroad  Company  shall  pay  to  the  Public  Treasurer,  either 
in  cash  or  in  matured  coupons  of  bonds,  upon  which  the 
Public  Treasurer  is  made  to  pay  the  interest  under  this 
act,  the  sum  of  thirty  thousand  dollars;  and  on  or  before 
the  day  upon  which  the  second  coupon  of  the  binds  au- 
thorized by  this  act  shall  become  due,  the  President  of  the 
above  named  Railroad  Company  shall  pay,  in  like  manner, 
the  sum  of  thirty  thousand  dollars  ;  and  on  or  before  the 
day  upon  which  the  third  coupon  as  aforesaid  shall  become 
due,  the  President  above  named  shall  pay  to  the  Public- 
Treasurer,  in  like  manner,  the  sum  of  twenty  thousand  dol- 
lars ;  and  on  or  before  the  day  upon  which  the  fourth  coupon 
as  aforesaid  shall  become  due,  the  President  above  named 
shall  pay  to  the  Public  Treasurer,  in  like  manner,  the  sum  of 
ten  thousand  dollars. 

Sec.  11.  Provided  further,  That  of  the  bonds  authorized  to 
be  issued  under  this  act,  one  hundred  and  eighty  thousand 
dollars  shail  be  retained  by  the  Public  Treasurer  as  collat- 
eral security  for  the  faithful  performance  of  the  conditions 
of  the  preceding  section  ;  and  that  upon  the  payment  of  the 
first  thirty  thousand  dollars  as  aforesaid,  the  Public  Treas- 
urer shah  be  authorized  to  deliver  to  said  Railroad  Com- 
pany sixty  thousand  dollars  of  the  above  named  one  hun- 
dred and  eight}7  thousand  dollars  of  bonds;  and  upon  the 
payment  of  the  succeeding  amounts  named  in  said  section, 
the  Public  Treasurer  is  authorized  to  deliver  bonds  to  the 
amount  of  double  the  sum  paid,  until  all  said  bonds  are 
delivered  to  said  Railroad  Company:  Provided,  also,  That  at 
the  expiration  of  two  years  from  the  date  of  the  first  cou- 
pon of  the  bonds  authorized  in  this  act,  the  Public  Treas- 
urer shall  be  authorized  to  issue  to  said  Railroad  Company 
an  additional  amount  of  bonds,  equal  at  their  par  value  to 
the  amount  paid  in  cash  by  said  Company  in  behalf  of  the 
State,  according  to  the  provisions  of  section  ten  of  this  net; 
said  bonds  to  be  in  all  respects  similar  to  those  authorized 
to  be  issued  by  this  act. 

Sec.  12.  This  act  shall  go  into  effect  upon  its  ratification. 

Ratified  the  2d  day  of  February,  A.  D.  18G9. 


2  8 


An  Act  to  restore  to   the    Western  Railroad   Com- 
pany its  Oiigizial  Chartered  Privileges,  to  reg- 
ulate the  appointment  of  State  Direc- 
tors, and  to  defbic  the  vote  of  the 
State  in  the  general  meetings 
of  the  Stockholders  of 
said  Company. 

Section  1.  The  General  AsHcmbhj  of  North  Carolina  do 
enact,  That  hereafter  there  shall  bo  a  President  and  nine 
Directors  of  the  Western  Railroad  Company,  as  provided 
in  the  original  charter  of  said  Company,  ratified  24th  day 
of  December,  1852.  Four  Directors  shall  be  appointed  by 
the  State,  as  provided  by  the  fourth  section  of  an  act  enti- 
tled "An  act  to  enable  the  Western  Railroad  Company  to 
complete  its  road  from  the  Coalfields  in  Chatham  county, 
to  some  point  on  the  North  Carolina  Railroad,"  ratified 
December  20th,  180(3,  when  the  State  became  a  Stockholder 
and  co-partner  in  said  Company ;  and  the  remaining  five 
Directors  and  the  President  shall  be  elected  by  the  indi- 
vidual Stockholders,  as  provided  in  said  fourth  section  of 
the  above  recited  act,  and  in  no  other  manner;  and  that  so 
much  of  an  act  entitled  "An  act  to  amend  an  act  entitled 
an  act  to  amend  the  charter  of  the  Western  Railroad  Com- 
pany, ratified  21st  of  August,  1SGS,"  ratified  the  2d  day  of 
February,  A.  D.  1869,  as  changes  the  number  and  manner 
of  appointment  of  said  President  and  Directors,  be,  and  the 
same  is  hereby  repealed  ;  and  the  provisions  of  the  original 
charter  of  the  24th  of  December,  A.  D.  1852,  and  the 
amendments  thereof  of  December  20th,  A.  D.  18G6,  in  re- 
lation to  the  appointment  of  President  and  Directors,  are 
hereby  re  enacted. 

Sec  2.  That  in  all  future  meetings  of  the  Stockholders  of 
I  ho  Western  Railroad  Company,  the  representative  of  the 
State  shall  only  vote  a  number  of  shares  equal  to  one  half 
of  the  number  of  individual  shares  or  votes  cast  upon  any 
question  where  a  vote-  is  called  by  stock.  The  State's  repre- 
sentative shall  not  be  entitled  to  vote  where  the  question 
may  be  upon  the  acceptance  or  rejection  of  any  amendment 
tc  the  charter  of  toe  Company. 

Sec.  3.  That  this  act  shall  be  submitted  to  a  meeting  of 
the  Stockholders  of  said  Company,  to  be  held  in  the  town 
of  Fayetteville,  within  twenty  days  from  its  ratification, 
upon  call   of  the   President,  or  a    number  of  Stockholders 


20 

holding  at  least  two  hundred!  and  fifty  shares;  and  upon  its 
being  accepted  by  a  majority  of  the  stock  present  other  than 
the  State,  the  term  of  the  present  President  and  Directors 
shall  cease,  and  determine  in  ten  days  thereafter. 

Sec.  4.  Should  the  meeting  of  the  Stockholders,  as  pro- 
vided in  the  above  section,  accept  this  act  as  a  part  of  their 
charter,  they  shall  immediately  notify  the  Governor  of  the 
Stale  of  their  action,  and  of  the  time  and  place  of  the  next 
meeting  of  Stockholders,  which  said  meeting  shall  be  held 
within  ten  days  thereafter;  at  which  said  meeting  of  Stock- 
holders the  President  and  Directors  shall  be  chosen  as  pro- 
vided in  the  first  section  of  this  act,  and  shall  hold  office 
until  the  next  regular  annual  meeting  of  Stockholders. 

Sec.  5.  All  provisions  of  law  inconsistent  with  this  act 
are  hereby  repealed,  and  this  act  shall  be  in  force  from  and 
after  its  ratification. 

Ratified  the  10th  day  of  December,  A.  D.  1S70. 


;o  Amend  the  Charter  of  the  Western  Rail- 
road Company. 

Section  1.  The  General  Assembly  of  North  Carolina  do 
enact,  That  so  much  of  the  third  section  of  an  act  of  the 
General  Assembly,  ratified  December  twentieth,  one  thou- 
sand eight  hundred  and  sixty  six,  entitled  an  act  to  enable 
the  Western  Railroad  Company  to  complete  its  Road  from 
the  Coalfields,  in  Chatham  county,  to  some  point  on  the 
North  Carolina  Railroad,  as  limits  the  amount  of  mortgage 
bonds  to  be  issued  said  Company  to  the  sum  of  nine  hun- 
dred thousand  dollars,  be  and  the  same  is  hereby  repealed, 
and  said  Company  is-  hereby  authorized  to  issue  such  an 
amount  of  bonds,  and  upon  such  terms  and  conditions  as 
they  are  now  or  may  hereafter  be  permitted  and  authorized 
by  the  stockholders  of  said  Company. 

Sec  2.  That  the  power  granted  by  the  second  section  of 
an  act  of  the  General  Assembly,  ratified  August  twenty-first, 
one  thousand  eight  hundred  and  sixty-eight,  entitled  "  an 
act  to  amend  the  charter  of  the  Western  Railroad  Com- 
pany," be  so  amended  that  it  shall  and  may  be  lawful  for 
said  Company  to  extend  their  road  from  any  point  or  points 
on  the  Wilmington,  Charlotte  and  Rutherford  Railroad  to 
the  South  Carolina  line,  and  to  connect  with  any  road  or 
roads  now  constructed,  or  that  mav  be  hereafter  constructed 


30 

in  South  Carolina,  and  any  contract  made  with  any  other 
Railroad  corporation  or  individuals  for  the  construction  and 
equipment  of  the  Western  Railroad  or  any  part  thereof,  or 
ol  any  branch  or  branches  of  the  same,  by  the  President 
and  Directors  of  said  Company,  shall  be  binding  when  the 
same  shall  ie  approved  by  a  majority  of  the  stockholders  of 
said  Company:  ami  said  Company  may  begin  the  construc- 
tion of  any  part  of  said  road  or  any  of  its  branches  when- 
ever the  stockholders  may  so  determine. 

Sec.  3.  That  any  Railroad  Company  or  any  corporation 
or  joint  stock  company  legally  organized,  is  hereby  author- 
ized to  take  or  purchase  stock,  or  loan  money  or  credit  to., 
or  purchase  bonds  or  other  securities  from  this  Company,  or 
in  any  other  way  or  manner  whatsoever,  aid  in  its  construc- 
tion, equipment,  extension  or  operation. 

Sec.  4.  This  act  shall  take  effect  and  be  in  force  from  and 
after  its  ratification. 

Ratified  the  10th  day  of  January,  A.  D.  1871. 


An  Act  to  authorize  the  Western  Kailroad  Company 

to  open  to  navigation  the  waters  of  Lower 

Little  river  and  its  tributaries. 

Sec.  1.  The  General  Assembly  of  North  Carolina  do  enact, 
That  the  President  and  Directors  of  the  Western  Railroad 
Company  are  hereby  invested  with  full  power  and  authority 
to  open  and  keep. open  to  navigation  the  waters  of  Lower 
Little  river  and  its  tributaries,  from  Little  River  Station  on 
said  Railroad,  to  the  source  of  said  stream  and  its  tribu- 
taries. 

Sec.  2.  That  the  said  President  and  "Directors,  the  consent 
of  the  Stockholders  having  been  first  obtained,  are  hereby 
authorized  to  appropriate  of  its  funds,  not  exceeding  fifty 
thousand  dollars,  for  the  purpose  mentioned  in  the  first  sec- 
tion of  this  act;  and  they  may  open  books  of  subscription 
for  preference  or  common  stock,  make  a  specific  or  genera[ 
mortgage,  and  issue  bonds  thereunder,  or  make  any  other 
evidences  of  debt  to  such  an  amount  as  may  be  found  suffi- 
cient for  the  purpose  of  this  act,  and  make  provision  for  the 
payment  of  the  same.  The  amount  expended  may  be  kept 
in  either  special  or  general  account,  and  the  earnings  ap- 
propriated either  specially  or  generally  amongst  the  special 


31 

or  general  Stockholders,  as  maybe  prescribed  by  said  Presi- 
dent and  Directors. 

Sec.  3.  That  said  Company  is  hereby  authorized  to  con- 
struct and  operate  all  such  steam  vessels  and  other  crafts  as 
maybe  necessary  to  carry  the  freight  and  passengers  on  said 
stream  and  its  tributaries,  fixing  the  rates  fur  the  same,  or 
they  may  let  the  same  to  others,  charging  toils  or  rents 
thereon,  but  the  income  shall  at  no  time  exceed  (12)  twelve 
per  cent,  upon  the  capital  invested  after  deducting  the  an- 
nual cost,  repairs  and  operation. 

Sec.  4.  That  said  Company  is  hereby  specially  invested 
with  power  to  construct  such  dams,  locks,  canals,  sluices  and 
other  works  as  may  be  necessary  and  expedient  to  carry  out 
the  purpose  of  this  act,  and  that  the  rights,  franchise  and 
privileges  of  said  Company  shall  extend  from  the  bridge  of 
said  Railroad  over  Lower  Little  river  up  said  stream  and 
all  the  creeks  running  thence  to  their  source. 

Sec.  5.  The  President  and  Directors  of  said  Company 
shall  have  power  to  agree  with  the  owners  of  any  land,  tim- 
ber, rock,  sluice  or  other  material,  and  for  the  operating  of 
the  same,  for  the  purchase  thereof,  and  in  case  of  disagree- 
ment or  for  other  causes  the  same  cannot  be  had,  then  in 
that  case  they  may  proceed  to  condemn  the  same  as  pro- 
vided in  the  charter  of  said  Company  to  condemn  for  Pail- 
road  purposes,  and  shall  acquire  title  to  the  same  in  like 
manner. 

Sec.  6.  That  all  laws  and  clauses  of  laws  in  conflict  with 
this  act  are  hereby  repealed. 

Sec.  7.  That  this  act  shall  be  in  force  from  and  after  its 
ratification. 

Ratified  the  1st  day  of  February,  A.  D.  1872. 


An  Act  to  authorize  the  Western  E-ailroad  Company 
to  issue  bonds. 

Whereas,  The  General  Assembly  of  North  Carolina  has 
heretofore,  viz :  by  the  third  section  of  an  act  ratified  on 
the  twentieth  day  of  December,  one  thousand  eight  hun- 
dred and  sixt}~-six,  authorized  and  empowered  the  President 
and  Directors  of  the  Western  Railroad  Company  to  issue 
certain  mortgage  bonds  to  make  a  mortgage  on  the  road 
and  property  of  said  Company ;  and  whereas,  in  or  about 
the  month  of  October,  one   thousand  eight  hundred  and 


3  2 

seventy,  a  certain  mortgage  was  made  upon  the  property 
and  effects  of  the   Company,  which  the  Stockholders  and 

President  and  Directors  have  declared  fraudulent,  invalid 
and  of  no  binding  force;  and  whereas,  doubts  may  arise  as 
to  the  power  of  the  Company  to  make  a  new  mortgage,  and 
in  remedy  whereof  the  Stockholders  of  said  Company  did 
in  general  meeting  on  the  fourth  day  of  April,  one  thousand 
eight  hundred  and  seventy-two,  pass  a  resolution  in  the  fol- 
lowing words,  viz : 

"  Resolved,  That  the  President  and  Directors  of  this  Com- 
pany be  and  they  are  hereby  authorized  and  empowered  for 
the  purpose  of  carrying  out  the  intentions  of  the  charter, 
to  issue  the  bonds  of  this  Company  for  such  an  amount,  as 
they  may  find  necessary,  and  to  secure  the  payment  thereof, 
to  make  a  mortgage  on  all  or  any  part  of  the  property  of 
of  this  Company  now  owned  or  to  be  hereafter  acquired  by 
the  Company,  together  with  all  its  franchises  and  privileges, 
said  bonds  to  be  of  such  amount  and  in  such  manner  and 
form  and  payable  at  such  time  and  place  and  with  such 
rate  of  interest  as  said  President  and  Directors  may  deter- 
mine;" now  therefore, 

Section  1.  The  General  Assembly  of  North  Carolina  do  enact, 
That  the  President  and  Directors  of  the  Western  Railroad 
Company  he  and  they  are  hereby  fully  authorized  and  em- 
powered to  make  the  mortgage  and  issue  the  bonds  as  pro- 
vided in  said  resolution  of  the  Stockholders  of  April  fourth, 
one  thousand  eight  hundred  and  seventy-two,  and  by  virtue 
of  the  charter  of  the  Company,  and  all  acts  done  and  to  be 
done  in  accordance  therewith  are  hereby  declared  valid  and 
of  full  force  and  effect:  [Provided,  That  no  bonds  shall  be 
issued  under  this  act  until  the-  litigation  now  pending  com 
cerning  said  road  and  a  former  mortgage  shall  be  settled.] 
That  part  in  brackets  repealed. 

Sec.  2.  That  all  funds  obtained  under  the  provisions  of 
this  act  shall  be  applied  in  extending  the  road  west  of  its 
present  terminus  in  the  direction  of  Greensboro. 

Sec.  3.  This  act  shall  be  in  force  from  and  after  its  rati- 
fication. 

Ratified  the  3d  day  of  March,  1873. 


Aii  Act  to  Amend  the  Charter  of  the  Western  Rail- 
road Company. 

Section  1.  The  General  Assembly  of  North  Carolina  do  enact, 
That  the  President  and  Directors  of  the  Western  Railroad 
Company,  and  such  Commissioners  as  they  may  appoint, 
are  authorized  and  empowered  to  reopen  books  for  sub- 
scription to  the  capital  stock  of  said  Company,  at  such  points 
as  they  may  deem  proper,  and  subscriptions  to  the  capital 
stock  of  said  Company  may  be  taken  in  money,  goods,  lands, 
or  labor,  and  all  subscriptions  taken  under  this  act  shall  be 
expended  first  in  the  completion  of  said  road  from  its  pres- 
ent terminus  to  Greensboro. 

Sec.  2.  Section  one,  of  chapter  one  hundred  and  eigthty- 
seven,  of  the  public  laws  of  North  Carolina,  for  the  years 
one  thousand  eight  hundred  and  seventy- two  and  one  thou- 
sand eight  hundred  and  seventy-three,  ratified  the  third  day 
of  March,  one  thousand  eight  hundred  and  seventy-three, 
is  hereby  amended  by  striking  out  all  after  and  including 
the  word  '•  provided." 

Sec.  3.  This  act  shall  be  in  force  from  and  after  its  ratifi- 
cation. 

Ratified  the  10th  day  of  March,  A.  D.,  1875. 


An  Act  to  Provide  for  the  Working  of  Convicts  on  the 
Western  Railroad. 

Whereas,  The  State  of  North  Carolina  is  the  owner  of  a 
large  portion  of  the  capital  stock  of  the  Western  Railroad 
Company,  and  its  early  completion  from  its  present  termi- 
nus at  Egypt  to  the  North  Carolina  Railroad,  is  of  prime 
importance  in  order  to  develop  the  mineral  resources  of  the 
State,  and  to  make  available  the  State's  investment  in  said 
Road  ;  therefore, 

Section  1.  The  General  Assembly  of  North  Carolina  do 
enact,  That  the  Warden  or  such  other  person  as  niay  be  in 
charge  of  the  convicts  of  the  Penitentiary,  shall,  upon  the 
order  of  the  Governor,  assign  to  work  upon  the  Western 
Railroad  at  least  fifty  (50)  convicts,  said  number  to  be  in- 
creased from  time  to  time,  as  the  wants  of  the  road,  and  the 
number  of  convicts  not  otherwise  by  law  assigned,  will 
allow,  until  the  number  shall  reach  one  hundred  (100).  Said 
convicts  shall  be  cared  for  and  secured  by  the  State  accord- 
3 


34 

ing  to  law,  and  shall  be  required  to  do  reasonable  work 
upon  said  Road  in  such  manner  as  the  President  and  Direc- 
tors thereof,  by  their  Chief  Engineer,  or  others  acting  under 
them,  may  require.  That  for  all  work  and  labor  thus  done, 
the  State  of  North  Carolina  shall  have  credit  on  the  books 
of  said  Company  at  a  just  and  reasonable  compensation,  and 
the  amount  thereof  reported  monthly  to  the  Treasurer  of 
the  State.  The  amount  of  such  work  and  labor  shall  be 
determined  by  Engineer's  estimate,  but  shall  not  be  for  less 
than  fifty  (50)  dollars  per  annum  for  each  convict. 

Sec.  2.  For  the  amount  of  work  done  under  the  foregoing 
section  the  State  of  North  Carolina  shall  be  paid  in  the  first, 
mortgage  bonds  of  said  Company,  authorized  by  the  char- 
ter thereof  to  be  issued,  and  until  the  making  of  such  mort- 
gage and  issue  of  said  bonds,  the  State  shall,  by  this  act, 
have  a  first  lien  upon  all  the  property  and  effects  of  said 
Company,  to  be  discharged  by  the  delivery  to  the  Treasurer 
of  the  State,  the  bonds  aforesaid  to  the  amount  of  said  work. 

Sec.  3.  Any  Judge  of  the  Superior  Court,  or  presiding 
officer  of  any  Court,  holding  their  Courts  in  the  counties  of 
Cumberland,  Harnett,  Moore,  Chatham  and  Randolph  may, 
after  the  convictions  and  sentences  to  the  Penitentiary  of 
any  convict,  order  in  his  or  their  discretion,  that  such  con- 
vict shall  be  direct!}'  sent  to  work  on  said  Railroad,  and  re- 
port shall  be  made  by  the  Superintendent  of  all  such  con- 
victs to  the  Warden  of  the  Penitentiary,  and  receipt  shall  be 
given  for  them  to  said  Warden,  and  the  State  of  North  Caro- 
lina shall  be  entitled  to  compensation  for  the  work  done  by 
such  convicts,  as  is  provided  in  sections  one  and  two  of  this 
act:  Provided,  That  neither  this  section  or  section  one  of 
this  act,  shall  have  the  effect  of  reducing  the  working  force 
of  convicts  on  the  Western  North  Carolina  Railroad  below 
five  hundred  (500.) 

Sec.  4.  The  Board  of  Directors  of  the  Penitentiary  shall 
appoint  and  fix  the  salary  of  a  Superintendent,  who  shall 
care  for  and  guard  the  convicts  sent  to  work  on  said  Road, 
according  to  such  rules  and  regulations  as  may  be  prescribed 
by  law,  or  by  the  Penitentiary  authorities,  [but]  the  work 
done  by  such  convicts  shall  be  under  the  control  of  the 
President  and  Directors  of  said  Company,  or  some  person 
appointed  by  them. 

Sec.  5.  The  Board  of  County  Commissioners  of  the  sev- 
eral counties  of  the  State  are  authorized  to  work  on  said 
Railroad,  or  to  hire  to  said  Company,  upon  such  terms  as 
may  be  agreed  upon,  the  convicts  in  the  jails  of  their  sev- 


35 

eral  counties,  and  to  make  any  and  all  contracts  with  said 
Company  that  shall  be  necessary  to  carry  out  the  provisions 
of  this  section. 

Sec.  6.  This  act  shall  be  in  force  from  and  after  its  ratifi- 
cation. 

Ratified  the  27th  day  of  February,  A.  D  ,  1877. 


An  Act  to  change  the  name  and  authorize  the  C jn~ 
solidation  of  the  Western  Railroad  Company 
with  the  Mount  Airy  Railroad  Com- 
pany, and  to   complete    the 
said  Roads. 

Whereas,  The  State  of  North  Carolina  owns  a  large  part' 
of  the  stock  of  the  Western  Railroad  Company,  which  has 
been  preserved  by  the  action  of  the  President  and  Directors 
of  the  Company  at  heavy  expense  and  pecuniary  responsi- 
bility to  them,  and  without  expense  incurred  by  the  State: 
and  whereas,  to  make  the  investment  a  profitable  one,  it  is 
necessary  to  complete  the  road  :     Therefore, 

The  General  Assembly  of  North  Carolina  do  enact  : 

Sec.  1.  That  on  and  after  the  1st  day  of  March,  1879,  the 
name  of  the  Western  Railroad  Company  shall  be  changed 
to  the  "  Cape  Fear  and  Yadkin  Valley  Railway  Company," 
and  said  Company  under  such  name  shall  succeed  to  all  the 
rights,  powers,  privileges,  immunities  and  franchises  that 
are  now  possessed  by  the  Western  Railroad  Company. 

Sec.  2.  One  hundred  and  fifty  additional  convicts  are 
hereby  assigned  to  said  Company  upon  the  same  terms  and 
conditions  as  those  assigned  by  act  of  February  27, 1877,  and 
the  Board  of  Directors  of  the  Penitentiary  is  hereby  author- 
ized, at  its  discretion,  to  increase  the  number  of  convicts  as- 
signed, as  the  wants  of  the  Company  demand  and  the  num- 
ber of  convicts  admit.  Such  number  of  said  convicts  as  the 
President  and  Directors  may  determine,  may  be  assigned  to 
the  work  of  construction  at  any  point  or  points  between 
Greensboro  and  the  present  terminus  of  the  road. 

Sec.  3.  Authority  is  hereby  given  for  the  consolidation 
of  this  Company  with  the  Mount  Airy  Railroad  Company 
upon  such  terms  and  conditions  as  may  be  agreed  upon  by 
said  Companies;  and  thereupon  the  Cape  Fear  and  Yadkin. 


36 

Valley  Railway  Company  shall  succeed  to  and  possess  all 
the  rights,  powers,  privileges  and  franchises  which  have 
been  conferred  upon  said  corporation  by  its  charter  and  the 
several  amendments  thereto.  And  the  said  Cape  Fear  and 
Yadkin  Valley  Railroad  Company  may,  with  or  without 
such  consolidation  with  the  Mount  Airy  Railroad  Company, 
if  it  deem  proper,  extend  its  road  by  an  independent  line 
through  the  Counties  of  Forsyth,  Stokes,  Yadkin,  Surry 
and  Wilkes  to  Patterson  in  Caldwell  County,  thence  through 
Caldwell,  Watauga,  Ashe,  Alleghany  or  Mitchell,  or  either 
of  them,  and  connect  with  any  railroad  constructed  or  to  be 
constructed  in  Western  North  Carolina:  Provided,  That  Pat- 
terson in  the  County  of  Caldwell  shall  be  a  point  upon  any 
line  of  road  that  may  be  determined  upon  up  the  Yadkin 
River. 

Sec.  4.  Upon  consolidation  of  said  Company  with  the 
Mount  Airy  Railroad  Company,  authorized  by  the  third  sec- 
tion of  this  act,  or  upon  the  adoption  of  an  independent  line 
west  of  Greensboro,  the  President  and  Directors  shall  place 
one  hundred  of  the  convicts  provided  for  in  this  act  to  the 
construction  of  said  road  west  of  Greensboro  as  soon  as  the 
sum  of  ten  thousand  dollars  shall  be  secured  and  ten  per 
cent,  thereon  paid  to  the  treasurer  of  said  Railroad  Compa- 
ny, and  thereupon  section  3  of  the  act  of  February  27th, 
1877,  shall  be  so  extended  as  to  include  the  counties  of  Guil- 
ford, Forsyth,  Stokes,  Yadkin,  Surry,  Wilkes,  Caldwell, 
Watauga,  Ashe,  Alleghany  and  Mitchell. 

Sec.  5.  To  enable  said  Company  to  construct  the  roads 
authorized  to  be  consolidated,  or  such  independent  line  as 
may  be  determined  upon,  the  authorities  of  any  incorpora- 
ted city,  town,  county  or  township  in  this  State,  or  any  other 
corporation  in  or  out  of  the  State,  shall  have  full  power  and 
authority  to  subscribe  to  the  stock  of  said  Company,  or  to 
purchase  or  guarantee  its  securities  and  contracts  to  such  an 
amount  as  they  may  be  authorized  by  the  people  of  the  cities, 
towns  or  counties,  or  by  the  constituted  authorities  of  any 
other  corporation,  and  may  borrow  money  and  issue  evi- 
dences of  debt  or  guarantee  upon  such  terms  and  condition 
as  they  may  be  authorized;  and  the  authorities  of  such  cities, 
towns  and  counties  may  levy  and  collect  taxes  to  pay  the 
indebtedness  incurred. 

Sec.  6.  To  ascertain  the  will  of  the  people  of  any  city, 
town  or  county,  the  County  Commissioners  of  any  county, 
or  the  municipal  authorities  of  any  city  or  town,  may  cause 
an  election  to  be  held,  and  submit  the  question  to  the  qual 


37 

ified  voters  of  such  city,  town,  county  or  township,  notice  of 
thirty  days  having  been  given  thereof  in  the  usual  manner; 
and  at  such  election  those  in  favor  of  the  proposition  of  sub- 
scription, purchase  or  guarantee  shall  deposit  their  ballots 
"for  subscription,"  "  for  purchase  "  or  "  for  guarantee,"  and 
those  opposing,  "  no  subscription,"  "no  purchase"  or  "  no 
guarantee;"  and' the  County  Commissioners  or  municipal 
authorities  shall  examine  the  returns  made  by  the  inspec- 
tors and  declare  the  result.  If  a  majority  of  the  registered 
voters  in  such  city,  town,  county  or  township  shall  vote  "  for 
subscription,"  "for  purchase"  or  "guarantee,"  then  said 
city,  town  or  county  shall  be  authorized  to  make  such  sub- 
scription, purchase  or  guarantee.  The  will  of  any  other  cor- 
poration may  be  ascertained  in  such  manner  as  said  corpora- 
tion may  provide. 

Sec.  7.  If  at  any  time  during  the  construction  of  the 
roads  herein  authorized  the  stockholders  deem  it  advisable 
to  reduce  the  value  and  number  of  shares  of  the  present 
stock  of  the  company  in  order  to  secure  new  and  additional 
capital,  the  representative  of  the  State,  in  stockholders'  meet- 
ing, may  consent  to  such  pro  rata  reduction  (not  exceeding 
60  per  cent.)  of  the  State  and  individual  stock  as  the  stock- 
holders may  determine. 

Sec.  8.  For  the  purpose  of  discharging  all  liens  and  in- 
cumbrances now  existing  against  said  company,  whereby 
the  new  mortgage  bonds,  herein  provided  for,  might  be  im- 
paired upon  the  market,  and  for  preserving  the  State's  inter- 
est in  said  road,  and  for  paying  off  all  the  expense  incident 
to  the  litigation  in  which  said  company  has  been  compelled 
to  engage  to  preserve  its  existence,  the  Public  Treasurer  is 
hereby  directed  to  purchase  from  the  said  company  $50,000 
of  the  first  mortgage  bonds  of  said  company  and  to  pay 
over  to  said  company  fifty  thousand  dollars  out  of  any 
money  which  may  be  in  his  hands  not  otherwise  appropria- 
ted:  Provided,  that  the  amount  of  first  mortgage  bonds  to  be 
issued  by  said  company  on  its  road  shall  not  exceed  four 
thousand  dollars  per  mile  of  road  constructed  and  to  be  con- 
structed, and  shall  bear  interest  at  the  rate  not  exceeding 
seven  per  cent,  per  annum,  payable  semi-annually:  Pro- 
vided further,  that  such  bonds  shall  not  be  sold  except  as  the 
grading  of  said  road  is  completed  :  Provided,  that  after  the 
expiration  of  the  year  for  which  the  present  Board  of  Direc- 
tors shall  have  been  appointed,  the  State  shall  be  entitled  to 
five  Directors  and  the  private  stockholders  shall  be  entitled 
to  four  Directors. 


38 

Sec.  9.  That  if  the  North  Western  North  Carolina  Rail- 
road Company  should  fail  to  accept  the  amendment  to  its 
charter  passed  by  this  General  Assembly  at  its  present  ses- 
sion, and  should  fail  to  survey  and  locate  the  Road  from 
Winston  or  Salem,  by  way  of  Wilkesboro,  to  Patterson  in 
Caldwell  county  within  ninety  days  from  and  after  the  rati- 
fication of  this  act,  then  and  in  that  case  the  convicts  order- 
ed to  be  assigned  to  the  North  Western  North  Carolina  Rail- 
road Company  shall  be  transferred  to  the  Cape  Fear  and 
Yadkin  Valley  Railway  Company,  to  be  Avorked  upon  the 
same  terms  and  conditions  as  the  convicts  furnished  by  this 
act:  Provided,  that  the  Cape  Fear  and  Yadkin  Valley  Rail- 
way Company  shall,  within  the  next  six  months  after  the 
expiration  of  ninety  days  above  named,  survey  and  locate 
said  road  west  of  Greensboro  or  Salem  or  Winston,  by  way 
of  Wilkesboro,  to  Patterson,  North  Carolina;  And  provided 
further,  that  said  convicts  shall  be  worked  west  of  Greensboro 
or  Salem  or  Winston,  as  the  Board  of  Directors  may  decide  : 
Provided  further,  that  upon  the  consolidation  of  the  roads 
provided  for  in  this  act  with  the  Ore  Knob  and  Mount  Airy 
Railroad,  the  convicts  assigned  by  law  for  the  construction 
of  the  said  Ore  Knob  and  Mount  Airy  Railroad  shall  be 
turned  over  to  the  said  Cape  Fear  and  Yadkin  Valley  Rail- 
way Company,  to  be  worked  west  of  Greensboro  upon  the 
same  conditions  that  convicts  provided  for  by  this  act  are 
worked  on  other  portions  of  said  road. 

Sec.  10.     This  act  shall  be  in  force  from  and  after  its  rati- 
fication. 

Ratified  the  25th  day  of  February,  A.  D.  1879. 


39 


An  Act  to  amend  the  Charter  of  the  Cape  Fear  and 
Yadkin  Valley  Rail  Road  Company. 

The  General  Assembly  of  North  Carolina  do  enact : 

Section  1.  That  of  the  Board  of  Directors  of  the  Cape 
Fear  and  Yadkin  Valley  Railway  Company  four  shall  be 
selected  from  that  section  of  country  through  which  the 
said  road  passes  west  of  Greensboro,  two  of  whom  shall  be 
chosen  along  the  line  of  road  running  up  the  Yadkin  Val- 
ey  to  Patterson  west  of  the  point  of  divergence  hereinafter 
provided  for:  and  the  other  two  on  the  Ore  Knob  and 
Mount  Airy  line  from  Ore  Knob  and  Mount  Airy  to  Greens- 
boro. 

Sec.  2.  That  when  the  grading  of  said  road  reaches  the 
point  of  divergence  of  Mount  Airy  and  Ore  Knob  branch 
of  said  road  and  the  Yadkin  Valley  branch  the  entire'force 
of  convicts  employed  on  said  road  shall  be  equally  divided 
between  the  two  branches,  and  continued  on  each  branch 
until  completed  to  their  western  termini,  and  the  point  oT 
divergence  heretofore  mentioned,  shall  be  at  the  most  prac- 
ticable and  convenient  point  on  the  main  line  with  a  view 
of  reaching  the  Yadkin  river  at  or  in  the  immediate  neigh- 
borhood of  Bean  Shoals. 

Sec.  3.  All  laws  and  clauses  of  laws  in  conflict  with  this 
act  are  hereby  repealed-. 

Sec.  4.  This  act  shall  be  in  force  from  and  after  its  rati- 
fication. 

Ratified  the  26th  day  of  March,  A.  D.  1880. 


[The  following  acts  relating  to  the  Mount  Airy  Railroad 
Company,  became  parts  of  the  Charter  of  the  Cape  Fear  & 
Yadkin  Valley  Railroad  Company,  under  the  provisions  of 
the  contract,  consolidating  said  companies,  viz  :J 

An  Act  to  Incorporate  the  Mount  Airy  and  Central 
Railroad  Company. 

Sectton  1.  The  General  Assembly  of  North  Carolina  do  enact, 
That  it  shall  be  lawful  for  Jesse  Moore;  John  Rawley,  Thos. 
W.  Prather,  Robert  S.  Gilmer,  John  Brower,  Dr.  Jos.  Hol- 
iinsworth,  James  Davis,  Job  Worth,  Nick  J)alton,  or  any 


40 

three  of  them,  to  open  books  of  subscription  at  Mt.  Airy 
and  such  other  place  as  they  may  select,  for  the  purpose  of 
receiving  subscriptions  to  an  amount  not  exceeding  three 
hundred  thousand  dollars  in  shares  of  fifty  dollars  each,  for 
the  purpose  of  effecting  a  communication  by  means  of  a 
Narrow  Gauge  Railroad  from  some  point  in  or  near  Mount 
Airy,  Surry  County,  North  Carolina,  to  some  point  on  the 
North  Carolina  Central  Railroad,  either  by  the  way  of  Sa- 
lem to  Greensboro,  on  the  route  of  the  Northwestern  North 
Carolina  Railroad,  or  by  an}7  other  route  which  ma}'  bv. 
deemed  by  the  stockholders  most  advisable,  and  for  provid- 
ing everything  necessary  and  convenient  for  transportation 
on  the  same. 

Sec.  2.  When  the  sum  of  seventeen  thousand  dollars  shall 
be  subscribed,  the  subscribers,  their  executors,  administra- 
tors or  assigns  shall  be  and  they  are  hereby  incorporated 
into  h  Company  by  the  name  and  style  of  the  Mount  Airy 
Railroad  Company,  and  by  that  name  shall  be  capable  of 
purchasing,  holding,  selling,  leasing  and  conveying  estates, 
real,  personal  and  mixed,  so  far  as  shall  be  necessary  for  the 
purpose  specified  in  this  charter  and  no  further,  and  shall 
have  perpetual  succession,  and  by  said  corporate  name  may 
sue  and  be  sued,  and  may  have  and  use  a  common  seal  and 
shall  have  all  the  powers,  rights  and  privileges  which  other 
corporate  bodies  lawfully  have  for  the  purpose  herein  men- 
tioned and  may  make  all  such  by-laws,  rules  and  regula- 
tions, not  inconsistent  with  the  Constitution  and  laws  of 
this  State,  or  those  of  the  United  States,  as  shall  be  neces- 
sary for  the  well  ordering  and  conducting  of  the  affairs  of 
said  Company. 

Sec.  3.  When  the  said  sum  of  seventeen  thousand  dollars 
shall  have  been  subscribed,  public  notice  of  the  fact  shall 
be  given  by  three  or  more  of  the  said  commissioners  at  Mt. 
Air}T,  who  shall  have  power  at  the  same  time  to  call  a  gen- 
eral meeting  of  the  subscribers  at  Mount  Airy.  To  consti- 
tute such  a  meeting  a  number  of  persons  entitled  to  a  ma- 
jority of  the  votes  shall  be  present,  either  in  person  or  by 
proxy,  and  if  a  sufficient  number  do  not  attend  on.  that  day 
then  those  who  do  attend  shall  have  power  to  adjourn  from 
time  to  time  until  a  meeting  shall  be  formed. 

Sec.  4.  The  subscribers  at  their  general  meeting  before 
directed,  and  the  stockholders  at  every  annual  meeting 
thereafter,  shall  elect  a  President  and  five  Directors,  who 
shall  continue  in  office,  unless  sooner  removed,  until  the 
next   annual   meeting   and  until    their  successors  are  ap- 


41 

pointed.  But  the  President  or  any  of  the  Directors  may  at 
an}7  time  be  removed,  and  the  vacancy  thereby  occasioned, 
be  filled  by  a  majority  of  votes  given  at  an}T  general  meet- 
ing. The  President  with  any  two  or  more  of  the  Directors, 
or  in  the  event  of  the  absence,  sickness  or  inability  of  the 
President,  any  three  or  more  of  the  Directors  who  shall  ap- 
point one  of  their  own  body  President,  pro  tempore,  shall 
constitute  a  Board  flUr  the  transactor]  of  business.  In  the 
case  of  vacancy  in  the  office  of  President  or  any  Director 
happening  from  death  or  resignation,  removal  or  inability, 
such  vacancy  may  be  supplied  by  the  appointment  of  the 
Board  until  the  next  annual  meeting. 

Sec.  5.  The  said  corporation  shall  be  invested  with  all  the 
powers,  rights  and  privileges  conferred  upon  the  Raleigh 
and  Gaston  Railroad  Company  by  its  charter  granted  in  the 
year  one  thousand  eight  hundred  and  thirty-five,  and  shall 
be  subject  to  all  the  rules,  regulations  and  restrictions  therein 
contained,  so  far  as  the  same  are  applicable  to  a  Railroad 
above  designated  and  are  consistent  with  the  provisions  of 
this  act:  Provided,  nevertheless,  that  the  Judges  of  the  Courts 
of  Probate  of  Surry,  Stokes  and  Forsyth  counties  shall  ex- 
ercise the  powers  conferred  by  said  charter  on  the  Court  of 
Pleas  and  Quarter  sessions,  so  far  as  the  condemnation  of 
land  is  concerned  for  the  use  of  said  Company. 

Sec.  6.  The  County  Commissioners  of  Surry,  Stokes,  and 
Forsyth  shall  have  power  to  subscribe  for  any  number  of 
shares  of  the  capital  stock  of  said  Company  a  sum  not  ex- 
ceeding in  amount  three  times  the  sum  subscribed  by  indi- 
viduals, and  in  no  event  exceeding  the  sum  of  one  hundred 
thousand  dollars.  A  majority  of  said  County  Commissioners 
respectively  shall  at  any  time  within  three  years  after  the 
ratification  of  this  act,  determine  the  number  of  shares  for 
which  they  propose  that  their  counties  shall  subscribe  and 
appoint  a  day  tor  holding  election  in  relation  thereto,  and 
cause  the  same  to  be  entered  upon  their  minutes,  and  it 
shall  be  the  duty  of  the  Sheriff  of  said  counties  at  the  Court 
House  to  advertise  the  object  and  the  day  of  election  for  at 
least  twenty  days  prior  thereto,  on  said  day  to  open  and 
keep  open  the  polls,  agreeable  to  the  acts  regulating  the  elec- 
tion of  members  of  the  General  Assembly,  and  all  qualified 
voters  for  the  House  of  Representatives  of  this  State  in  said 
counties  of  Surry,  Stokes  and  Forsyth,  who  shall  have  re- 
sided there  ninety  days  before  the  election  favoring  sub- 
scription, may  vote  "  Railroad,"  and  those  opposing  sub- 
scription may  vote  "  No  Railroad,"  and  the  result  of  the 


42 

election  shall  be  made  known  to  the  Commissioners  of  said 
counties  at  their  first  meeting  after  the  election,  and  shall 
be  made  a  matter  of  record.  If  the  result  shall  be  favora- 
ble to  the  subscription,  then  it  shall  be  •  the  duty  of  said 
Boards  of  Commissionerrs  of  Surry,  Stokes  and  Forsyth 
counties  to  authorize  the  Chairman  of  said  Boards  to  make 
the  subscription  in  the  name  of  their  respective  counties. 

Sec.  7.  To  enable  said  Boards  to  meet  the  instalments 
that  may  be  required  upon  such  subscription  or  otherwise, 
pay  the  same,  they  are  hereby  invested  with  authority  to 
issue  bonds  of  their  respective  counties,  redeemable  in  a  pe- 
riod not  exceeding  twenty  years  from  the  dates  thereof, 
bearing  interest,  payable  semi-annually,  at  a  rate  not  ex- 
ceeding eight  per  cent,  per  annum,  and  it  shall  be  the  duty 
of  said  Boards  regularly  to  provide  the  means  for  meeting 
the  interest  on  said  bonds  as  the  same  shall  become  due,  by 
levying  such  taxes  annually  as  upon  persons,  lands  and 
other  property  within  said  counties  as  shall  be  sufficient  for 
that  purpose,  and  the  said  Boards  respectively  shall  have 
power  to  appoint  one  of  their  number  to  negotiate  any  loan 
or  loans  that  may  be  necessary,  to  sell  and  dispose  of  the 
bonds,  to  receive  the  tax  imposed  to  meet  the'  interest  and 
apply  the  same  to  its  payment,  and  to  represent  said  coun- 
ties in  all  meetings  of  the  stockholders  of  said  company  and 
to  receive  the  dividend  that  may  become  due  upon  the 
county  stock,  and  apply  the  same  either  to  the  interest  or  to 
a  sinking  fund  for  the  extinguishment  of  the  principal  as 
the  said  Board  may  direct;  and  it  shall  be  likewise  the  duty 
of  said  Boards  to  make  provisions  by  taxation  or  otherwise 
for  the  prompt  payment  of  the  principal  of  said  bonds 
when  they  shall  become  due. 

Sec.  8.  It  shall  be  lawful  for  a  majority  of  the  Stockhol- 
ders at  any  general  meeting  to  increase  the  capital  stock  of 
said  Company  by  the  addition  of  as  many  shares  as  they 
may  deem  necessary,  for  which  they  may,  at  their  discretion, 
cause  subscriptions  to  be  received  in  such  manner  as  may 
be  prescribed  by  them,  or  may  sell  the  same  for  the  benefit 
of  said  Company,  for  any  sum  not  under  the  par  value 
thereof,  and  the  said  Directors,  or  a  majority  of  them,  shall, 
by  and  with  the  consent  of  Stockholders  in  general  meeting 
assembled,  have  power  to  borrow  money  for  the  purpose  of 
this  act,  to  issue  proper  certificates  of  such  loan,  and  to 
pledge  the  property  of  the  Company  by  mortgage  or  other- 
wise for  the  payment  of  the  same,  and. the  interest  that  may 


43 

accrue  thereon  ;  provided  the  interest  shall  not  exceed  ten 
per  cent,  per  annum. 

Sec.  9.  It  shall  be  lawful,  for  said  Company  to  receive  not 
exceeding  fifty  thousand  acres  of  land  in  payment  for  sub- 
scriptions of  stock  :  Provided,  that  it  shall  not  be  lawful  for 
said  Company,  at  the  expiration  of  ten  years  after  the  com- 
pletion ot  this  load,  to  hold  more  land  than  shall  be  neces- 
sary for  the  use  of  the  road. 

Sec.  10.  That  each  subscription  to  the  capital  stock  of 
the  said  Company  shall  be  binding  from  the  time  of  making 
it.  That  in  payment  of  the  last  instalment  on  each  share 
a  credit  of  eight  per  cent,  per  annum  shall  be  allowed  on  all 
previous  payments  from  the  date  of  payment. 

Ratified  the  4th  day  of  April,  A.  D.  iS71. 


An  Act  to  amend  Chapter  218,  Acts  of  one  thousand 

eight  hundred  and  seventy  and  seventy-one, 

enlitied  An  Act  to  Incorporate  the  Mount 

Airy  and  Central  Railroad  Company. 

Section  I.  The  General  Assembly  of  North  Carolina  do 
enact:  That  section  two  of  chapter  two  hundred  and 
eighteen  of  the  public  laws  enacted  at  the  session  of  the 
General  Assembly  of  North  Carolina  for  the  year  one  thou- 
sand eight  hundred  and  seventy  and  one  thousand  eight 
hundred  and  seventy-one  be  amended  so  it  shall  read  as 
follows:  When  the  sum  of  seventeen  thousand  dollars 
shall  be  subscribed,  the  subscribers,  their  associates  and 
assigns  shall  be  and  are  hereb}^  created  a  body  politic  and 
corporate  by  the  name  and  style  of  The  Mount  Airy  Rail- 
road Company,  and  by  that  name  shall  be  capable  of  pur- 
chasing, holding,  selling,  leasing  and  conveying  estates  real, 
personal  and  mixed,  so  far  as  shall  be  necessary  as  specified 
in  this  Charter,  and  no  farther,  and  shall  have  perpetual 
succession  and  by  said  corporate  name  may  have  and  use  a 
common  seal,  and  shall  have  all  the  powers,  rights  and 
privileges  which  other  coporate  bodies  lawfully  have,  for  the 
purposes  herein  mentioned,  and  may  make  all  such  by-laws, 
rules  and  regulations  consistent  with  the  Constitution  and 
laws  of  the  United  States  and  of  this  State  as  shall  be  neces- 
sary for  the  well  ordering  and  conducting  of  the  affairs  of 
said  Company.     The  said  Road  to  be  located  and  run  from 


44 

Mount  Airy  in  Surry  county  to  Greensboro  in  Guilford 
county. 

Sec.  2.  That  section  five  of  said  act  be  amended  so  that  it 
shall  read  as  follows:  The  said  corporation  shall  be  vested 
with  all  the  powers,  rights  and  privileges  conferred  upon 
the  Raleigh  &  Gaston  Railroad  Company  by  its  Charter 
granted  in  the  year  1835:  Provided,  that  nothing  in  this  act 
shall  be  construed  to  exempt  said  Railroad  or  the  property 
or  franchise  thereof  from  taxation,  and  shall  be  subject  to 
all  the  rules,  regulations  and  restrictions,  so  far  as  the  same 
are  applicable  to  a  Narrow  Guage  Railroad  and  consistent 
with  this  Act:  Provided,  That  the  Superior  Courts  of  the 
counties  through  which  the  said  Railroad  may  pass  shall 
exercise  the  powers  conferred  by  said  Charter  on  the  Court 
of  Pleas  and  Quarter  Sessions  for  the  purpose  of  condemn- 
ing land  and  securing  the  right  of  way  for  the  use  of  the 
Company  by  this  Act  incorporated. 

Sec.  3.  That  section  six  of  said  Act  entitled  an  act  to 
incorporate  the  Mount  Airy  and  Central  Railroad  Company 
be  repealed  and  stricken  out,  and  the  following  inserted  in 
lieu  thereof:  That  any  city,  town,  county  or  other  munici- 
pal corporation  of  this  State  shall  have  power  and  authority 
to  subscribe  for  and  take  any  number  of  shares  of  the  cap- 
ital stock  of  the  said  Company  that  a  majority  of  the  legal 
voters  of  such  city,  town,  county  or  other  municipal  corpo- 
ration may  elect  to  take  therein.  That  upon  the  request  of 
twenty  residents  and  tax  payers  of  any  such  city,  town, 
county  or  other  municipal  corporation  of  the  State,  the 
municipal  authorities  of  such  city,  town,  county  or  other 
municipal  corporation  shall  determinethe  number  of  shares 
in  the  said  Company  proposed  to  be  taken  lyy  such  city, 
town,  county  or  other  municipal  corporation  and  shall  ap- 
point a  day  on  which  an  election  shall  be  held  in  such  cit}T, 
town,  county,  or  other  municipal  corporation  in  the  manner 
prescribed  by  law  for  holding  their  elections,  at  which  said 
election  the  legally  qualified  voters  of  such  city,  town,  coun- 
ty or  other  municipal  corporation  shall  be  entitled  to  vote 
for  or  against  such  subscription  the  legally  qualified  voters 
favoring  such  subscription  to  vote  ballots  written  or  printed 
"Railroad  ;"  those  opposing  such  subscription  to  vote  "No 
Railroad."  The  election  herein  provided  for  shall  be  held 
at  the  usual  voting  places  for  such  cities,  towns,  counties,  or 
other  municipal  corporations  by  persons  appointed  by  the 
authorities  of  such  cities,  towns,  counties,  or  other  municipal 
corporations  in  the  same  manner  that  persons  are  appointed 
for  holding  other  elections  in  such  cities,  towns,  counties  or 


45 

other  municipal  corporations,  and  the  returns  thereof  shall 
he  made  and  the  resr.lt  thereof  announced  as  in  other  elec- 
tions prescribed  by  law.  If  the  result  of  any  such  election 
shall  show  that  the  majority  of  the  qualified  voters  of  any 
city,  town,  county  or  other  municipal  corporation  favor  the 
taking  the  amount  of  stock  so  voted  for  in  such  election,  then 
the  proper  authorities  of  such  city,  town,  county,  or  other 
municipal  corporation  shall  subscribe  the  amount  of  stock  so 
voted  for  in  the  said  Company  and  shall  have  power  to  levy 
and  collect  taxes,  to  be  levied  for  that  special  purpose  to  pay 
for  the  said  stock  in  instalments  as  the  same  may  become  due, 
or  in  case  it  shall  not  be  deemed  best  to  collect  taxes  to  pay  b}r 
taxation  such  subscription  for  stock,  then  such  city,  town, 
county,  or  other  municipal  corporation  shall  have  power  to 
issue  bonds  forthe  purpose  of  raising  money  to  pay  for  such 
subscription  and  shall  provide  for  the  payment  of  interest 
upon  said  bonds  and  also  for  the  payment  of  said  bonds 
when  they  become  due. 

Sec.  4.  That  the  said  Company  shall  have  authority  from 
lime  to  time  as  it  may  deem  prudent  to  construct  branches 
to  such  points  as  the  said  Company  may  determine,  and  it 
shall  have  the  same  rights  and  privileges  for  the  construc- 
tion of  branches  as  that  have  been  or  may  be  granted  for 
the  construction  of  the  main  line,  and  that  it  shall  have  the 
right  to  consolidate  with  or  make  suitable  arrangements 
with  any  company  that  now  is  or  may  hereafter  be  incorpo- 
rated for  the  improvement  of  the  navigation  of  the  Yadkin 
River,  and  it  shall  have  power  and  authority  to  extend  its 
main  line  from  Mount  Airy  through  the  counties  of  Surry, 
Wilkes,  Caldwell,  Alleghany,  Ashe,  and  Watauga,  so  as  to 
make  connection  with  other  Roads  in  this  State  under  the 
same  rights  that  have  been  or  may  hereafter  be  granted  for 
the  construction  of  the  main  line,  and  that  any  city,  town, 
county,  or  municipal  corporation  of  the  State  may  take  stuck 
in  the  branches  of  the  Railroad  or  the  extension  of  the  Rail- 
road of  said  Company  "upon  the  terms  and  conditions  and  in 
the  manner  herein  provided  for  taking  stock  in  the  main 
line  :  Provided,  that  this  section  (except  so  far  as  it  relates  to 
the  Yadkin  River  and  any  arrangements  made  by  said  com- 
pany with  any  other  company  or  companies  for  the  improve- 
ment of  its  navigation)  shall  be  of  no  force  and  effect,  until 
the  main  line  from  Mt.  Airy  to  Greensboro  shall  have  been 
first  completed. 

Sec.  5.  The  General  Assembly  of  North  Carolina  do  furth- 
er enact,  That  in  order  to  make  the  labor  of  criminals  con- 
victed of  crimes  useful  and  to  diminish  the  cost  of  confine- 


46 

ment  of  such  criminal?,  upoh  the  application  of  the  Presi- 
dent of  said  Company,  there  shall  be  farmed  out  to  said 
Company  one  hundred  convicts  from  the  penitentiary  to 
work  upon  the  road  of  said  Company  on  the  same  terms  and 
conditions  as  to  the  management  and  guarding  as  convicts 
are  farmed  out  to  other  Railroad  Companies  in  which  the 
State  has  no  interest.  The  said  Railroad  Company  shall 
bear  all  expense  in  guarding;  feeding,  clothing,  doctor's  bills, 
and  for  the  pay  of  superintendent  and  overseers,  so  that  the 
Stale  shall  be  at  no  expense  whatever  in  regard  thereto,  and 
the  said  convicts  shall  not  be  taken  beyond  the  limits  of  the 
State:  Provided-,  That  there  shall  be  an  estimate  of  the  net 
value  of  all  the  work  done  by  the  convict lab:>r furnished  by 
the  State  on  the  said  Railroad  of  the  said  Company  and  that 
the  net  value  of  such  labor  shall  be  a  first  mortgage  in  favor 
of  the  State  upon  fhe  property  and  franchises  of  the  said 
Company.  The  value  of  the  labor  of  said  convicts  shall  be 
ascertained  by  two  commissioners,  one  to  be  appointed  by 
the  Governor  and  one  to  be  selected  by  the  said  Railroad 
Company. 

Sec.  G.  This  act  shall  not  be  construed  to  reduce  the  work- 
ing force  of  convicts  on  the  Western  North  Carolina  Rail- 
road below  five  hundred. 

Sec.  7.  This  Act  shall  be  in  force  from  and  after  its  ratifi- 
cation. 

Ratified  the  28th  day  of  February,  A.  D.  1877. 


Sn  Act  to  Amend  the  Charter  of  the  Mount  Airy  Rail- 
road and  Provide  for  the  Building  of  a  Rail- 
road from  Greensboro  to  Ore  Knob. 

Section  1.  The  General  Assembly  of  North  Carolina  do  en- 
act: That  an  act  entitled  an  act  to  amend  chapter  two 
hundred  and  eighteen  of  the  acts  of  one  thousand  eight 
hundred' and  seventy  and  one  thousand  eight  hundred  and 
seventy-one,  entitled  an  act  to  incorporate  the  Mount  Airy 
and  Central  Railroad  Company,  ratified  the  28th  day  of 
February,  A.  D.  1877,  be  amended  as  follows: 

In  section  first,  line  eight,  after  the  words  "  Mount  Airy  " 
-and  before  the  word  "  Railroad,"  insert  the  words  "and  Ore 
Knob."  In  line  eighteen,  after  the  words  "from,"  insert 
the  words,  "Ore  Knob,  by  way  of."  In  line  eighteen  after 
the  words  "Mount  Airy  in  Surry  County,"  insert  the  words 
"to  touch  the  Yadkin  River  at  or  above  Bean  Shoals." 


47 

Section  2.  Strike  out  section  third  of  said  act  and  insert 
in  lieu  thereof  the  following:  That  section  six  of  said  act, 
entitled  an  act  to  incorporate  the  Mount  Airy  and  Central 
Railroad  Co.,  be  repealed,  and  the  following  be  inserted  in 
lieu  thereof:  That  any  township  or  city,  town,  county,  or 
other  municipal  corporation  of  this  State,  shall  have  power 
and  authority  to  subscribe  for  and  take  any  number  of 
shares  of  capital  stock  of  said  company  that  a  majority  of 
the  voters  of  such  township  or  city,  town  county  or  other 
municipal  corporation  may  elect  to  take  therein.  That  up- 
on the  request  of  twenty  resident  tax-payers  of  any  such 
township  or  city,  town,  county,  or  other  municipal  corpora- 
tion of  this  State,  the  municipal  authorities' of  such  city, 
town,  county  or  other  municipal  corporation  (and  in  case 
of  township  the  Justices  of  the  Peace  of  such  township)  shall 
determine  the  number  of  shares  in  the  said  company  pro- 
posed to  be  taken  by  such  townshif)  or  city,  town,  county, 
or  other  municipal  corporation,  arm  shall  appoint  a  day  on 
which  an  election  shall  be  held  in  such  township  or  city, 
town,  county  or  other  municipal  corporation  in  the  manner 
prescribed  by  law  for  holding  elections,  at  which  said  elec- 
tions the  legally  qualified  voters  of  such  township  or  city, 
town.'county  or  other  municipal  corporation  shall  be  entitled 
to  vote  for  or  against  suchf  subscriptions:  the  legally  qual- 
/  ified  voters  favoring  such.,  subscription  to  vote  ballots  writ- 

ten or  printed  "Railroad,"  those  opposing  such  subscription 
to  vote  "  No  Railroad."  The  election  herein  provided  for 
shall  be  held  at  the  usual  voting  places  for  such  townships 
or  cities,  towns,  counties  or  other  municipal  corporations, 
by  persons  appointed  by  the  authorities  of  such  cities,  towns, 
counties  or  municipal  corporations  (and  in  case  of  townships 
by  Justices  of  the  Peace  of  such  townships),  in  the  same 
manner  that  persons  are  appointed  for  holding  other  elec- 
tions; and  the  returns  thereof  shall  be  made,  and  the  results 
thereof  announced,  as  in  other  elections  prescribed  by  law: 
Provided,  that  in  case  of  townships  the  Justices  of  the  Peace 
of  such  township,  for  carrying  out  the  purposes  of  this  act, 
shall  be  vested  with  all  the  powers  vested  in  the  Boards  of 
Commissioners  and  the  Justices  of  the  Peace  of  counties,  as 
.'  y^S  the  manner  of  appointing  the  persons  to  hold  elections 
and  so  forth,  by  law  for  the  purpose  of  holding  other  elec- 
tions, and  townships  shall  have  corporate  powers  for  the 
/  purpose  of  this  act.  If  the  result  of  any  such  election  shall 
show  that  a  majority  of  the.  qualified  voters  of  any  such 
township  or  city,  town,  or  county,  or  other  municipal  corpo- 


! 


48 

ration,  favor  the  taking  of  the  amount  of  stock  so  voted  for  in 
such  election,  then  the  authorities,  who  by  this  act  are  em- 
powered to  determine  what  amount  of  stock  shall  be  taken, 
shall  subscribe  the  amount  of  slock  so  voted  for  in  said 
company,  and  shall  have  power  to  levy  and  collect  taxes  for 
that  special  purpose  to  pay  for  the  said  stock  in  installments 
as  the  same  may  become  due,  or  in  case  it  shall  not  be 
deemed  best  to  collect  taxes  to  pay  by  taxation  such  sub- 
scription for  stock,  then  such  township,  or  city,  town,  county 
or  other  municipal  corporation  shall  have  power  to  issue 
bonds  for  the  purpose  of  raising  money  to  pay  for  such  sub- 
scription, and  shall  provide  for  the  payment  of  interest  upon 
said  bonds,  and  also  for  the  payment  of  said  bonds  when 
they  become  due:  Provided,  that  nothing  in  this  charter 
shall  be  construed  to  exempt  said  road  from  taxation  :  Pro- 
vided further,  that  when  any  cit^,  town,  county  or  township, 
or  other  corporation  shall  subscribe  money,  or  pledge  any 
property  of  said  road,  the  directors  or  other  managers  of 
said  road  shall  not  be  permitted  to  lease,  sell  or  otherwise 
dispose  of  said  road  without  the  consent  of  such  city,  town, 
county  or  other  corporation. 

Sec.  3.  That  section  fourth  of  said  act  be  amended  by 
inserting  after  the  word  "  Watauga,"  in  line  ten,  the  words 
"  Mitchell,  Yancey  and  Buncombe,"  and  by  striking  out  all 
after  and  including  the  word  "provided"  in  the  sixteenth 
line. 

Sec.  4.  That  section  five  of  said  act  be  amended  by  in- 
serting in  line  five  after  the  word  "hundred"  the  words 
"and  fifty,"  and  by  striking  out  in  line  twelve  the  words 
"  provided  that"  and  inserting  "  to  this  end." 

Sec.  5.  That  the  proviso  in  section  four  of  said  chapter 
be  stricken  out. 

Sec.  G.  That  this  act  shall  be  in  force  from  and  after  its 
ratification. 

Read  three  times  in  the  General  Assembly,  and  ratified 
the  11th  day  of  February,  A.  D.  1879. 


BY-LAWS. 


ARTICLE  I. 

The  annual  meeting  of  this  Company  shall  be  held  on 
the  first  Thursday  in  April,  in  each  and  every  year,  in.  the 
town  of  Fayetteville. 

ARTICLE  II.. 

The  Stockholders  other  than  the  State,  at  each  annual' 
meeting,  shall  elect  by  ballot  a  President  and  four  Directors, 
the  State  of  North  Carolina  appointing  five  Directors  as  now 
provided  by  law. 

ARTICLE  III. 

The  President  and  any  four  Directors  shall  form  a  quorum 
for  the  transaction  of  business.  In  the  absence  of  the  Pres- 
ident any  five  Directors  shall  form  a  quorum. 

ARTICLE  IV. 

The  Board  of  Directors  shall  have  power  to  adopt  all  nec- 
essary measures  for  the  construction  of  the  Road,  and  in  all 
things  to  manage  the  affairs  of  the  Company, 

ARTICLE  V. 

The  President  of  the  Company  shall  sign  all  certificates 
of  stock  and  other  official  papers  of  the  Company;  call  spe- 
cial meetings  of  the  Board  at  discretion  or  upon  application 
of  any  two  Directors,  and  upon  written  application  of  Stock- 
holders holding  two  hundred  and  fifty  shares  of  stock  to  call 
a  general  meeting  of  the  Stockholders  of  the  Company ; 
sign  all  orders  on  the  Treasurer  and  generally  exercise  su- 
perintendence over  the  affairs  of  the  Company;  he  shall 
only  be  entitled  to  vote  when  there  is  a  tie  in  the  Board  of 
Directors,  and  his  salary  shall  be  fixed  by  the  Board  of  Di- 
rectors 


50 

ARTICLE  VI. 

The  Board  of  Directors  shall  appoint  a  Secretary  and  a 
Treasurer,  whose  duties  and  liabilities  shall  be  defined  by 
said  Board,  and  whose  salaries  shall  be  fixed  by  them.  The 
Secretary  shall  be  the  secretary  of  the  Company  and  of  the 
Uoard  of  Directors. ' 

ARTICLE  VII. 

Stock  shall  only  be  transferred  by  a  surrender  of  the  orig- 
inal certificate  by  the  holder  thereof,  or  by  his  attorney 
specially  authorized  to  make  such  transfer  at  the  office  of 
the  Company  in  Fayetteville,  or  at  such  agency  as  shall  be 
established  lor  that  purpose  by  the  Board  of  Directors. 

ARTICLE  VIII. 

At  each  annual  meeting  of  the  Stockholders,  a  committee 
of  three  shall  be  appointed  to  examine  the  accounts  of  the 
several  officers  at  the  end  of  the  fiscal  year,  and  report  there- 
on at  the  next  annual  meeting. 

ARTICLE  IX. 

The  fiscal  year  of  the  Company  shall  close  on  the  last  day 
of  February  in  each  year,  and  all  books  and  accounts  shall 
be  balanced  at  that  date,  and  in  five  days  thereafter  shall  be 
subject  to  the  inspection  and  examination  of  the  committee 
appointed  by  the  preceding  article. 

ARTICLE  X. 

The  form  of  the  certificate  of  the  capital  stock  of  the  Com- 
pany shall  be  as  follows: 

NORTH    CAROLINA. 

No Shares. 

Be  it  known  that of entitled  to  

Shares  in  the  Capital  Stock  of  the  Western  Railroad  Com- 
pany, on  which  the  full  sum  of  One  Hundred  Dollars  per 

Share  has  been  paid,  transferable  by  said personally 

or  by  attorney. 


51 

Witness  the  signature  of  the  President  and  Secretary,  and 

seal  of  the  corporation,  at  office,  this  day  of ,  18.... 

,  Prest. 

,  Sec'y. 

ARTICLE  XL 

The  President  and  Directors  shall  from  time  to  time  issue 
full  certificates  of  stock  to  the  amount  of  three-fourths  of  the 
actual  payments  made  by  any  Stockholder  upon  application 
of  such  Stockholder. 

ARTICLE  XII. 

All   By-Laws  heretofore  adopted  by  this  Company  are 


ereby  repealed. 


APPENDIX. 


An  Act  to  be  entitled  An  act  to  restore  the  credit  of 
the  State  and  to  facilitate  the  construc- 
tion of  our  unfinished  railroads. 

Section  1.  The  General  Assembly  of  North  Carolina  do  en- 
act, It  shall  be  the  duty  of  the  several  Presidents  or  other 
Officers  of  Railroads  who  have  secured  bonds  or  other  secu- 
rities of  the  State  for  the  construction  of  any  road  in  which 
the  State  is  interested,  under  an  act  of  the  General  Assem- 
bly or  ordinance  of  a  Convention  passed  since  May,  year  of 
our  Lord  one  thousand  eight  hundred  and  sixty-five,  whether 
such  President  or  other  Officers  be  now  in  or  out  of  office, 
and  every  such  President  or  other  Officer  is  hereby  required 
to  file  before  the  Governor  and  Superintendent  of  Public 
Works  a  statement  showing  the  following  items:  First, 
what  amount  of  bonds  of  the  State  was  received  by  such 
President  or  other  Officer  from  the  Public  Treasurer,  or  from 
any  predecessor  in  office  of  such  President  or  other  Officer, 
with  the  respective  dates  of  such  reception ;  second,  what 
amount  of  such  bonds  have  been  sold,  in  what  markets,  and 
at  what  prices,  with  the  respective  dates  of  such  sales  ;  third, 
what  amount  of  such  bonds  have  been  or  are  now  hypothe- 
cated, to  whom  so  hypothecated,  when  hypothecated,  for 
what  purpose,  and  what  amount  of  money  has  been  realized 
by  such  hypothecation;  fourth,  what  amount  of  such  bonds 
remain  on  hand  unsold,  or  have  been  turned  over  unsold  to 
any  successor  of  such  President  or  other  Officer,  and  whether 
any  interest,  and  if  any,  how  much  has  been  received  by 
him  on  any  unsold  bonds  of  the  State. 

Sec.  2.  The  statement  required  of  such  President  or  other 
Officer  by  the  foregoing  section  shall  be  made  on  oath  ad- 
ministered by  any  person  authorized  by  law  to  administer 
oaths,  and  if  any  false  particular  be  wilfully  inserted  therein, 
or  if  any  item  specified  in  section  first  be  wilfully  omitted 
therefrom,  the  party  making  the  oath  shall  be  liable  to  all 
the  pains  and  penalties  of  perjury. 

Sec.  3.  It  shall  be  further  the  duty  of  every  President  or 
other  Officer  of  a  Railroad  as  provided  in  section  first  of  this 


54 

act,  and  every  such  President  or  other  Officer  is  hereby  re- 
quired to  return  to  the  Public  Treasurer,  subject  to  the  joint 
order  of  the  Governor  and  Superintendent  of  Public  Works 
as  hereinafter  prescribed,  all  bonds  of  the  State  which  have 
been  issued  under  any  authority  of  law  and  which  remain 
in  the  hands  of  any  such  President  or  other  Officer  unsold 
or  undisposed  of;  or  in  case  any  such  bonds  have  been  sold 
or  exchanged  for  money  [or]  other  securities,  the  said  Pres- 
ident or  other  Officer  shall  deposit  in  the  Public  Treasury 
such  monej',  proceeds  or  securities,  or  so  much  thereof  as 
he  has  not  actually  expended  upon  his  road. 

Sec.  4.  The  Governor  is  hereby  directed,  within  five  days 
after  the  ratification  of  this  act,  to  cause  a  notice  to  be  per- 
sonally served  on  every  such  President  or  other  Officer  of  a 
Railroad,  if  such  President  or  other  Officer  may  be  found  or 
resides  within  the  State,  and  if  not,  to  publish  such  notice 
in  two  daily  newspapers  printed  in  Raleigh  for  six  succes- 
sive days,  calling  upon  such  President  or  other  Officer  to 
file  the  statement  required  by  the  first  section  of  this  act, 
and  to  make  the  surrender  or  deposit  of  bonds  required  by 
the  third  section  of  this  act. 

Sec.  5.  The  time  within  which  every  such  President  or 
other  Officer  is  required  to  comply  with  the  provisions  of 
the  first  three  sections  of  this  act  shall  be  twenty  days  from 
the  day  on  which  the  service  of  notice  is  personally  made 
on  such  President  or  other  Officer,  or  in  the  case  of  such 
President  or  other  Officer  being  absent  from  the  State  from 
the  day  of  the  publication  of  the  notice  to  him  as  provided 
in  the  last  section. 

Sec.  6.  Provided,  nevertheless,  If  upon  the  notification  of 
the  Governor,  any  such  President  or  ether  Officer  shall  faith- 
fully render  the  account  or  statement  according  to  sections 
one  and  two  of  this  act,  and  shall  moreover  comply  in  all 
respects  with  section  three  of  this  ac,t,  iu  every  such  case 
upon  the  sworn  certificate  of  the  acting  President  and  Chief 
Engineer  or  Superintendent  of  any  such  railroad,  to  the  ef- 
fect that  a  certain  amount  of  work  has  been  done  and  not 
paid  for  on  any  unfinished  railroad,  the  Governor  and  Su- 
perintendent of  Public  Works  are  authorized  and  required 
to  join  in  an  order  or  warrant  upon  the  Public  Treasurer, 
where  any  State  securities  may  be  on  deposit,  to  re-deliver  to 
the  President  of  such  railroad  an  amount  of  the  bonds 
which  shall  not  be  sold  for  less  than  sixy  cents  in  the  dollar, 
or  other  securities  or  any  proceeds  thereof  so  returned  or  de- 
posited by  him  under  section  three  of  this  act,  equivalent  in 


5  5 

cash  value  to  the  amount  of  work  so  certified  to  be  done  on 
such  road. 

Sec.  7.  And  provided  further,  That  upon  any  such  re-deliv- 
ery contemplated  in  the  last  section,  the  Public  Treasurer 
having  bonds  of  the  State  on  deposit  as  aforesaid  shall  stamp 
or  endorse  on  every  such  bond  so  re-delivered  to  any  Rail- 
road Company  the  fact  of  re-delivering  and  the  date  thereof. 

Sec.  8.  That  no  special  tax  shall  be  levied  to  pay  interest 
on  the  bonds  which  may  at  an}r  time  be  on  deposit  in  the 
Treasur}'  according  to  the  provisions  of  this  act,  and  the 
ratio  of  special  tax  directed  to  be  levied  in  each  appropria- 
tion act  shall  be  diminished  in  the  same  proportion  as  the 
amount  of  such  bonds  on  deposit  bears  to  the  whole  amount 
of  bonds  appropriated  in  each  appropriation  act  respective- 
ly; and  it  shall  be  the  duty  of  the  Treasurer  to  inform  the 
County  Commissioners  of  the  several  Counties,  from  time  to 
time,  what  per  cent,  of  special  tax  must  be  levied  on  prop- 
erty so  as  to  carry  out  the  provisions  of  this  section  in  its 
true  intent  and  meaning. 

Sec.  9.  If  the  President  or  other  Officer  of  any  Railroad 
Company,  in  which  the  State  is  interested  within  the  pur- 
view of  the  first  five  sections  of  this  act,  shall  wilfully  refuse 
or  fail  to  comply  with  the  said  provisions  thereof,  every  such 
President  or  other  Officer  shall  be  deemed  guilty  of  felony, 
and  upon  conviction  shall  suffer  imprisonment  in  the  State 
prison  for  not  less  than  five  years. 

Sec.  10.  Prosecutions  under  the  preceding  section  shall  be 
brought  in  the  Superior  Court  of  the  county  of  Wake  ;  but 
upon  affidavit  of  the  Solicitor  of  the  State  of  the  sixth  dis- 
trict, that  the  interest  of  the  State  requires  a  removal  of  such 
criminal  action  to  another  county  for  trial,  it  is  the  duty  of 
the  Judge  to  order  a  removal  of  the  same  to  any  county 
agreed  upon  by  the  parties  to  the  action,  or  where  the  Judge 
in  his  discretion  may  deem  a  fair  trial  can  be  had. 

Sec.  11.  If  any  President  or  other  Officer  as  aforesaid  shall 
refuse  or  neglect,  for  the  period  of  time  specified  in  section 
five  of  this  act,  to  fully  and  satisfactorily  comply  in  all  re- 
spects with  the  provisions  of  this  act,  as  set  forth  in  the  three 
first  sections  thereof  then  and  in  every  such  case  of  refusal 
or  neglect,  it  shall  be  the  duty  of  the  Attorney  General,  and 
he  is  hereby  directed  to  bring  forthwith  in  the  Superior 
Court  of  Wake  County,  a  civil  action  in  the  name  of  the 
State,  against  any  such  President  or  other  Officer,  alleging 
therein  a  fraudulent  use  and  misapplication  of  the  public 
funds,  and  demanding  such  relief  by  the  appointment  of  a 


56 

receiver  or  otherwise,  as  may  save  or  better  secure  the  inter- 
est of  the  State  in  that  behalf. 

Sec.  12.  The  Attorney  General  is  hereby  authorized  to 
join  in  such  civil  action  any  Director  managing  or  control- 
ling any  railroad  in  which  the  State  is  interested,  in  case  he 
deems  any  such  Director  implicated  in  any  fraudulent  use 
or  misapplication  of  the  public  funds. 

Sec.  13.  In  case  of  any  process  of  arrest  and  bail,  or  other 
provisional  remedy  issued  in  due  course  of  law  against  any 
defendant  in  such  civil  action,  the  bond  of  undertaking  to 
be  given  by  such  defendant  shall  not  be  less  than  the  double 
of  the  supposed  default  of  the  defendant  in  complying  with 
the  provisions  of  this  act;  but  if  the  amount  of  such  sup- 
posed default  cannot  be  satisfactorily  ascertained  when  the 
Attorney  General  or  other  counsel  for  the  State  applies  for 
such  process,  then  the  bond  or  undertaking  required  of  the 
defendant  shall  be  not  less  than  the  double  of  the  whole 
amount  of  state  securities  received  by  him  either  from  the 
Treasurer  or  any  predecessor  in  office. 

Sec.  14.  The  Attorney  General  is  authorized  to  unite  with 
him  in  prosecuting  any  action  under  this  act  other  counsel 
learned  in  law  not  exceeding  two,  and  the  Treasurer  is 
hereby  directed  to  pay,  in  the  manner  provided  by  law,  out 
of  any  unappropriated  funds  in  the  treasury,  to  such  coun- 
sel, not  exceeding  five  hundred  dollars,  for  all  services  under 
any  action  or  proceeding  in  this  act. 

Sec.  15.  The  Governor,  Superintendent  of  Public  Works, 
Attorney  General  and  the  Solicitor  of  the  State  for  the  sixth 
judicial  district,  shall  be,  each  of  them,  furnished  by  the 
Secretary  of  the  State  with  a  copy  of  this  act  immediately 
upon  its  ratification. 

Sec.  16.  This  act  shall  be  in  force  from  its  ratification, 
but  its  introduction  into  the  General  Assembly  shall  be 
deemed,  and  is  hereby  declared,  a  notice  to  all  parties  of  the 
purposes  of  the  State  in  the  premises;  and  any  sale,  pur* 
chase  or  disposal  of  her  bonds,  after  the  date  of  the  intro- 
duction of  this  act,  by  any  railroad  President  or  other  Offi- 
cer coming  within  the  interest  [intent]  and  meaning  of  the 
foregoing  provisions,  or  by  any  other  persons  holding  such 
bonds  on  his  hypothecation  from  such  President  or  other 
Officer,  or  otherwise,  (except  as  a  bona  fide  purchaser)  shall 
be  absolutely  null  and  void,  and  the  State  will,  in  no  event, 
recognize  any  such  sale,  purchaser  or  disposal  as  of  binding 
force. 

Sec.  17.  In  case  any  President  or  other  Officer,  who  may 


57 

come  within  the  provision  of  this  act,  shall  be  absent  from 
or  reside  beyond  the  limits  of  this  State,  and  shall  upon  no- 
tification of  the  Governor  refuse  or  neglect  to  answer  or 
otherwise  appear  to  any  action  instituted  in  the  courts  of 
this  State  under  this  act,  it  shall  be  the  duty  of  the  Gov- 
ernor and  he  is  hereb}'  required  to  make  a  requisition  and 
demand  fur  any  such  President  or  other  Officer  upon  the 
Governor  of  any  State  where  such  President  or  other  Officer 
may  be  at  the  time  or  in  which  he  may  reside. 
Ratified  the  5th  day  of  Eebruarv,  A.  D.  1870. 


An  act  to  be  entitled  "An  act  to  repeal  certain  acts 
passed  at  the  session  of  one  thousand  eight 
hundred  and  sixty-eight  and  one  thou- 
sand eight  hundred  and  sixty- 
nine,  making  appropria- 
tions to  Railroad 
Companies." 

Section  1.  The  General  Assembly  of  North  Carolina  do  enact, 
That  all  acts  passed  at  the  last  session  of  this  Legislature 
making  appropriations  to  Railroad  Companies  be  and  the 
same  are  hereby  repealed;  that  all  bonds  of  the  State  which 
have  been  issued  under  the  said  acts  now  in  the  hands  of 
any  President  or  other  Officer  of  the  corporation  he  imme- 
diately returned  to  the  Treasurer. 

Sec.  2.  The  moneys  in  the  State  Treasury  which  were 
levied  and,  collected  under  the  provisions  of  the  acts  men- 
tioned in  section  one  of  this  act  are  hereby  appropriated  to 
the  use  of  the  State  Government,  and  shall  be  credited  to 
the  counties  of  the  State  upon  the  tax  to  be  assessed  for  the 
3Tear  one  thousand  eight  hundred  and  seventy  in  proportion 
to  the  amounts  collected  from  them  respectively. 

Sec.  3.  All  laws  and  clauses  of  laws  coming  in  conflict 
with  this  act  are  hereby  repealed. 

Sec.  4.  This  act  shall  be  in  force  from  and  after  its  ratifi- 
cation. 

Ratified  the  8th  day  of  March,  A.  D.  1870. 


58 

An  act  to  compel  the  President  and  Directors  of  the 

several  Railroads  in  the  State  to  account 

with  their  successors  in  office  for 

the  property  and  effects  of 

said  Company. 

Sec.  1.  The  General  Assembly  of  North,  Carolina  do  enact, 
That  the  President  and  Directors  of  the  several  railroads  in 
this  State,  and  all  persons  acting  under  them,  are  hereby 
required,  upon  demand,  to  account  with  the  President  and 
Directors  elected  or  appointed  to  succeed  them,  and  shall 
transfer  to  them  fort!) with  all  the  money,  books,  papers, 
choses  in  action,  property  and  effects  of  every  kind  and  de- 
scription belonging  to  such  Company,  and  that  a  refusal  or 
failure  to  account  lor  and  transfer  all  the  money,  books,  pa- 
pers, clioses  in  action,  property  and  effects,  as  herein  requir- 
ed, shall  be  deemed  a  misdemeanor,  and  upon  conviction  in 
any  Superior  Court  of  this  State  shall  be  punished  by  im- 
prisonment in  the  Penitentiary  of  this  State  for  not  less  than 
one  nor  more  than  five  years,  and  by  fine  at  the  discretion 
of  the  Court. 

Sec.  2.  That  the  Governor  of  this  State  be  and  he  is  here- 
by authorized,  at  the  request  of  the  President,  Directors  or 
other  Officer  of  any  railroad  Company,  to  make  requisition 
upon  the  Governor  of  any  other  State  for  the  apprehension 
of  any  such  President  failing  to  comply  with  the  provisions 
of  the  first  section  of  this  act. 

Sec.  3.  That  all  persons  conspiring  with  any  such  Presi- 
dent, Directors  or  their  agents  to  defeat,  delay  or  hinder  the 
execution  of  this  act,  shall  be  deemed  guilty  of  a  misde- 
meanor, and  on  conviction  in  any  Superior  Court  of  this 
State,  shall  be  subject  to  the  penalties  provided  in  the  first 
section  of  this  act. 

Sec.  4.  The  provisions  of  this  act  shall  apply  to  all  Presi- 
dents and  Directors  and  their  agents,  who  have  not  settled 
in  full  with  their  successors  in  office  prior  to  the  ratification 
of  this  act. 

Sec.  5.  This  act  shall  be  in  force  from  and  after  its  ratifi- 
cation. 

Ratified  the  lGth  day  of  February,  A.  D.  1871. 


59 

An  act  for  exchanging  the  stocks  of  the  State  for 
bonds  with  which  such  stocks  were  ob- 
tained, and  for  other  purposes. 

Section  1.  The  General  Assembly  of  North  Carolina  do  enact, 
That  the  Public  Treasurer  and  Attorney  General  shall  ad- 
vertise for  six  months  in  such  newspapers  as  the}'  may  select, 
and  invite  proposals  for  an  exchange  of  the  stocks  held  by 
the  State  in  any  railroad  or  other  corporation,  for  the  bonds 
by  which  the  state  acquired  such  stocks,  or  any  other  bonds 
of  the  State  (not  special  tax)  where  the  stock  is  not  specially 
pledged  for  the  redemption  of  bonds  issued  to  such  corpora- 
tion ;  such  bids  shall  be  opened  on  a  day  appointed,  and 
those  terms  be  accepted  which  may  be  most  advantageous 
for  the  State:  Provided,  That  in  no  event  shall  any  of  ihe 
said  stocks  be  exchanged  for  less  than  their  par  value,  or  for 
less  than  the  bonds  of  same  nominal  value,  issued  in  aid 
of  Chatham  Railroad  January  first,  one  thousand  eight 
hundred  and  sixty-three:  And  provided  further,  No  stock  in 
the  North  Carolina  Railroad  shall  be  exchanged,  unless  in 
the  same  offer  it  is  proposed  to  take  twenty  shares  of  stock 
in  the  North  Carolina  Railroad,  ten  shares  in  the  Atlantic 
and  North  Carolina  Railroad,  and  twenty  shares  in  the 
Western  North  Carolina  Railroad  Company  (Eastern  Divi- 
sion), and  to  pay  therefor  two  bonds  of  one  thousand  dollars 
each  of  the  State,  issued  to  the  North  Carolina  Railroad 
under  acts  of  one  thousand  eight  hundred  and  forty-nine, 
chapter  (82)  eighty-two,  or  one  thousand  eight  hundred  and 
fifty-four  and  one  thousand  eight  hundred  and  fifty-five, 
chapter  thirty-two,  one  bond  of  one  thousand  dollars,  issued 
to  the  Atlantic  and  North  Carolina  Railroad,  under  acts  one 
thousand  eight  hundred  and  fifty-four  and  one  thousand 
eight  hundred  and  fifty-five,  chapter  two  hundred  and  thir- 
ty-two, or  acts  of  one  thousand  eight  hundred  and  fifty  six, 
chapter  seventy-four  and  seventy-six,  and  two  bonds  of  one 
thousand  dollars,  issued  to  the  Western  North  Carolina  Rail- 
road (Eastern  Division),  acts  of  one  thousand  eight  hundred 
and  sixty-six  and  one  thousand  eight  hundred  and  sixty- 
seven,  chapter  one  hundred  and  six,  or  in  the  aforesaid  pro- 
portion. 

Sec.  2.  That  any  railroad  or  other  corporation,  which  has 
heretofore  received  bonds  of  theState  in  exchange  for  bonds 
of  said  corporation  or  person  holding  such  State  bonds,  shall 
be  entitled  to  a  surrender  of  a  bond  of  such  corporation, 
upon  the  return  to  the  Treasury  of  the  State  bond  of  equal 


60 

amount,  issued  under  the  acts  of  the  General  Assembly  or 
Ordinances  of  the  Convention  authorizing  such  exchange, 
and  upon  a  return  of  all  bonds  issued  under  any  particular 
act  or  ordinance,  the  corporation  shall  be  entitled  to  a  can- 
cellation and  surrender  of  any  mortgage  executed  to  the 
State  for  securing  payment  of  such  corporation  bonds,  or 
State  bonds;  coupons  on  said  bonds  may  be  exchanged  in 
like  manner  and  cut  off  and  retained  on  either  side  to  make 
equality. 

Sec.  3.  To  facilitate  the  exchange  proposed  in  this  act,  the 
State  does  hereby  relinquish  all  claim  for  stock  in  the  West- 
tern  Railroad  above  one  million  one  hundred  thousand  dol- 
lars, and  surrender  to  the  said  Company  two  hundred  and 
twenty-five  thousand  dollars  coupons  now  in  State  Treasury, 
withheld  on  a  former  exchange  of  Company  bonds  for  stock 
in  said  railroad;  and  also  the  State  does  hereby  relinquish 
all  claims  to  stock  in  said  Company  above  six  hundred 
thousand  dollars  upon  the  return  to  the  Treasury  of  the  five 
hundred  thousand  dollars  of  Wilmington,  Charlotte  and 
Rutherford  Company  bonds  and  coupons  heretofore  issued 
to  said  Western  Railroad  Company:  Provided,  That  any 
person  acquiring  a  share  of  State  stock  in  said  corporation 
shall  be  entitled  to  all  lights  and  privileges  with  the  private 
Stockholders  in  voting  and  in  the  election  of  the  Directors, 
whose  number  shall  be  determined  by  the  Stockholders  of 
said  Company.  The  State  also  lelinquishcs  all  claim  to 
stock  in  the  Western  North  Carolina  Railroad,  above  four 
millions  of  dollars. 

Sec.  4.  That  as  soon  as  the  proportion  of  shares  of  stock 
for  which  the  State  appoints  one  Director  in  any  corporation 
is  exchanged,  the  right  of  the  State  to  appoint  such  Direc- 
tor shall  cease  and  determine,  and  one  Director,  to  be  select- 
ed by  lot,  shall  be  deducted  from  the  number  appointed  on 
the  part  of  the  State,  and  upon  acceptance  of  this  act  by  any 
corporation  and  such  guarantees  given  for  its  fulfilment  as 
shall  be  deemed  sufficient  by  the  Treasurer  and  Attorney 
General,  all  further  right  to  representation  by  the  State, 
either  by  Directors  or  proxy,  shall  cease  and  determine. 

Sec.  5.  That  as  soon  as  may  be  practicable,  the  Public 
Treasurer  shall  receive  the  bonds  offered  in  exchange,  and 
in  the  presence  of  the  Auditor  and  Attorney  General,  shall 
cancel  the  same.  It  shall  also  be  his  duty  to  transfer  the 
stocks  and  execute  such  conveyances  of  the  other  interest 
hereinbefore  mentioned  as  shall  be  deemed  necessary,  such 
conveyance  to  be  in  a  form  approved  by  the  Attorney  Gen- 
eral. 


61 

Sec.  6.  It  shall  be  the  duty  of  the  Auditor  to  make  a 
minute  of  what  shall  be  done  by  the  Treasurer  in  the  prem- 
ises, and  to  make  therefrom  such  entries  in  the  books  of  his 
office  as  may  secure  a  just  accountability  on  the  part  of  the 
Treasurer  because  of  the  transaction  hereinbefore  mentioned. 

Sec.  7.  The  Public  Treasurer  shall  make  special  reports 
upon  the  subject  of  this  act  to  the  General  Assembly  at 
every  session. 

Sec.  8.  That  this  act  shall  be  in  force  from  and  after  its 
ratification. 

Ratified  the  1st  da}-  of  February,  A.  D.  1872. 


An  act  to   repeal  Chapter   ninety-three   of  Public 

Laws  of  one  thousand  eight  hundred  and 

seventy-one  and  one  thousand 

eight  hundred  and 

seventy-two. 

Section  1.  The  General  Assembly  of  North  Carolina  do  en- 
act, That  an  act  entitled  an  act  for  exchanging  the  stocks  of 
the  State  for  bonds  with  which  such  stocks  were  obtained, 
and  for  other  purposes,  it  being  chapter  ninety-three  of  pub- 
lic lawrs  of  the  session  of  one  thousand  eight  hundred  and 
seventy-one  and  one  thousand  eight  hundred  and  seventy- 
two,  be  and  the  same  is  hereby  repealed. 

Sec.  2.  That  this  act  shall  go  into  effect  immediately. 

Ratified  the  3d  day  of  March,  1873. 


INDEX  AND  EXPLANATIONS 


ACT  DECEMBER  24,  1852— Pages  3  to  9. 

Sections  1  and  2.  Authorization  of  the  construction  of  a 
railroad  from  Fayetteville  to  the  Coalfields  in  Monre  and 
Chatham  Counties,  capital  stock,  §500,000. 

Secs.  3  and  4.  Commissioners  to  open  books  and  regula- 
tions as  to  subscriptions. 

Sec.  5.  When  deemed  a  corporation,  and  enumeration  of 
legal  power  of  corporation. 

Sec.  6.  Regulations  of  first  organization,  (election  of  Treas- 
urer changed  by  4th  section  of  act,  1856-'57.) 

Sec.  7.     Manner  of  voting  in  Stockholder's  meeting. 

Sec.  8.  Board  of  Directors  to  fill  vacancies  and  appoint 
President  pro  tempore. 

Secs.  9  and  10.  Regulations,  as  to  calling  stock  payments, 
and  liabilities  of  Stockholders. 

Sec.  11.     Certificates  of  stock  may  be  issued. 

Sec.  12.     Power  to  increase  stock. 

Sec.  13.     Power  to  use  any  part  of  the  constructed  road. 

Sec.  14.     Authentication  of  contracts. 

Sec.  15.     Power  to  purchase  and  hold  real  estate. 

Sec.  16.     Power  to  cross  public,  roads. 

Secs.  17  and  18.  Condemnation  of  right  of  way  and  all 
necessary  lands  for  use  of  road. 

Sec.  19.     Exclusive  right  of  transportation  and  charges. 

Sec.  20.     Dividends. 

Sec.  21.     Service  of  process. 

Sec.  22.  Power  to  construct  branches  and  make  contracts 
with  other  railroads. 

Secs.  23  and  24.  Power  to  issue  bonds  and  execute  mort- 
gage (amended  by  1st  section  of  act  1856-'57.) 

Sec.  25.  Exemption  of  officers  and  employees  from  militia 
duty,  &c. 

Sec.  26.  Work  to  begin  in  four  years,  and  due  diligence  re- 
quired. 

Sec.  27.     When  in  force. 


G4 

ACT  1856-'57— Page  9. 

Sec.  1.  Repeals  23d  and  24th  sections  of  act  December  24th, 
1852,  in  relation  to  mortgage  and  grants  new  powers. 

Sec.  2.     Allows  counties  and  towns  to  subscribe. 

Sec.  3.     Stockholders  may  be  witnesses. 

Sec.  4.  Repeals  6th  section  of  act  1852,  as  to  appointment  of 
Treasurer. 

Sec.  5.     Authority  to  acquire  coal  lands. 

Sec.  6.     Power  to  increase  capital  stock. 

ACT    FEBRUARY  7,  1859— Pages  10  to  13. 

Secs.  1,  2  and  3.  Authorizes  exchange  of  $400,000  of  bonds 
of  State  tor  Company  bonds  and  regulates  the  exchange. 
(These  bonds,  by  act  of  December  "zO,  1866,  were  exchang- 
ed for  the  stock  of  the  Company.) 

Sec.  4.     Application  of  income. 

Sec.  5.     State  may  exchange  bonds  for  stock. 

Sec.  6.     Board  ot  Internal  Improvement  may  examine. 

Secs.  7,  8  and  10.  Connections  with  other  roads.  (Repealed 
by  6  section  of  act  16th  February,  1861.) 

Sec.  9.     Payment  of  interest  on  State  bonds. 

ACT  FEBRUARY  16,  1861— Pages  14  to  16. 

Sec.  1.  Extension  of  road  to  some  point  on  North  Carolina 
Railroad. 

Secs.  2,  3,  4,  5  and  7.  Authorizes  exchange  of  Company 
bonds  for  $200,000  of  State  bonds.  (These  bonds  were  ex- 
changed for  stock  under  act  December  20,  1861.) 

Sec.  6.     Repeals  7,  8  and  10  sections  of  act  of  1859. 

ORDINANCE  OF  MAY  10,  1862— Page  17. 
Repeals  part  of  section  5,  act  February  16,  1861. 
ACT  DECEMBER  20,  1866— Page  17. 

Secs.  1  and  2.  State  exchanges  $600,000  of  Company  bonds 
for  stock  and  releases  Company  of  all  liability  under 
mortgage. 

Sec.  3.  Authorizes  new  mortgage  for  $900,000.  (Amended 
by  act  of  1871.) 

Sec.  4.     State  proxy  and  appointment  of  Directors. 

Sec.  5.     Registration  of  mortgage  deed. 


65 

ACT  JANUARY  31,  1867— Page  19. 

Authorizes  Randolph,  Alamance  and  Chatham  county  to 
subscribe. 

ACT  FEBRUARY  25,  1867— Page  21. 

Sec.  1.     Extends  road  via  Salem  and  Mt.  Air}'  to  Virginia 

line. 
Sec.  2.     Increases  capital  stock  to  three  millions. 
Secs.  3  and  4.     State  subscribes  one  millon  payable  in  Wil 

mington,  Charlotte  and  Rutherford  Railroad  bonds. 
Sec.  5.     How  individual  subscriptions  are  to  be  applied. 
Sec.  6.     Allows  subscriptions  to  be  paid  in  land. 

ORDINANCE  MARCH  14,  1868— Page  22. 

Sec.  1.  $500,000  of  Wilmington,  Charlotte  and  Rutherford 

Railroad  bonds  exchanged  for  State  bonds. 
Sec.  2.     Repealed  by  section  1,  Ordinance  of  March  17, 1868. 
Sec.  3.     Negotiation  of  Company  bonds  at  par  repealed. 

ACT  AUGUST  21,  1868— Page  24. 

Sec.  1.  State  appoints  seven  Directors,  Stockholders  two 
Directors.    (Repealed  by  act  December  19,  1870.) 

Sec.  2.  Power  to  cross  the  North  Carolina  Railroad,  and  to 
extend  to  Wilmington,  Charlotte  and  Rutherford  Railroad. 
(Amended  by  act  January,  1871.) 

Sec.  3.     Amendments  to  be  submitted  to  Stockholders. 

ACT  FEBRUARY  2,  1869— Page  25. 

All  the  sections  of  this  act,  except  6  and  7,  repealed  l>v  act 
December  19,  1870. 

ACT  DECEMBER  19,  1870— Page  28. 

Sec.  1.  State  appoints  four  Directors,  individuals  hve 
Directors.  (Amended  by  act  February  25,  1879.) 

Sec  2      How  State  shall  vote  in  Stockholders'  meetings. 

Secs.  3  and  4.  Amendments  to  be  submitted  to  Stockhold- 
er' meeting. 


6G 
ACT  JANUARY  10,  1871— Page  29. 

Sec  1.  Repeals  3d  section  of  act  December  20,  18G6,  limit- 
ing issue  of  mortgage  bonds. 

Seo.  2.  Authorizes  extension  of  road  to  the  South  Carolina 
line,  and  allows  contracts  to  be  made  with  any  other  rail- 
roads. 

Sec.  3.  Railroad  and  joint  stock  Companies  may  take  stock. 

ACT  FEBRUARY  1,  1872— Page  30. 

Authorizes  the  opening  of  Lower  Little  River  to  navigation. 

ACT  MARCH  3,  1873— Page  31. 

Sec.  1.  Gives  power  to  execute  new  mortgage  and  issue  new 

bonds. 
Sec.  2.     Proceeds  of  new  bonds  to  be  applied  on  Greensboro 

extension.    (Amended  by  act  March  10,  1875.) 

ACT  MARCH  10,  1875— Page  33. 

Sec.  1.     Authorizes  new  subscriptions  payable    in    money, 

goods,  lands  or  labor. 
Sec.  2.     Repeals  proviso  of  section  10,  act  March  3,  1873. 

ACT  FEBRUARY  27,  1877— Page  33. 

Secs.  1  and  2.  Provides  for  working  of  convicts,  and  for 
payment  of  same. 

Sec.  3.  Gives  power  to  courts  of  certain  counties  to  assign 
convicts  direct  to  the  Company. 

Sec.  4.  Appointment  and  salary  of  Superintendent  of  Con- 
victs. 

Sec.  5.  Count}'  Commissioners  authorized  to  hire  convicts 
to  Company. 

ACT  FEBRUARY  25,  1879— Page  35. 

Sec.  1.     Change  of  name. 

Sec.  2.     150  additional  eonvicts  assigned. 

Sec.  3.  Authorizes  consolidation  with  Mount  Airy  Rail- 
road, and  construction  of  an  independent  line. 

Sec.  4.  100  other  convicts,  assigned  to  work  west  of  Greens- 
boro, and  3d  section  of  act  February  27,  1877,  extended 
to  other  counties. 


6  7 

Secs.  5  and  6.  Cities,  towns,  counties  and  townships  au- 
thorized to  subscribe  after  elections  held  and  prescribe 
manner  of  election. 

Sec.  7.     Scaling  of  stock  authorized. 

Sec.  8.  State  to  purchase  $50,000  of  mortgage  bonds  on 
certain  conditions,  and  to  appoint  five  of  nine  Directors. 

Sec.  9.  Provides  the  assignment  of  the  convicts  of  the  North- 
Western  and  Mount  Airy  and  Ore  Knob  convicts  to  the 
Cape  Fear  and  Yadkin  Valley  Railway  in  certain  contin- 
gencies. 

ACT  MARCH  26,  1880— Page  39. 

Sec.  1.     Prescribes  the  residences  of  the  State  Directors. 
Sec.  2.     Provides  for  the  division  of  the  convicts  at  a  cer- 
tain point. 

Reference  can  be  had  to  acts  relating  to  Mount  Airy  acts, 
now  part  of  Cape  Fear  and   Yadkin   Valley   Charter — 
Pages  39  to  48. 

BY-LAWS— Pages  49  to  51. 

Reference  is  made  to  Appendix  for  certain  acts,  wherein 
thisCmipany  was  interested  when  said  acts  were  in  force. 


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